Tom Lee on Bitcoin: $20k looks like "a few FOMO days away"

17 Jun, 2019
by Will Heasman
Tom Lee on Bitcoin: $20k looks like a few FOMO days away

For almost everyone within the crypto community, the idea that the crypto winter is over is a given, in fact, everyone except the stubbornest of bears would likely readily admit that we’re in bull season. Now, Fundstrat’s Tom Lee has offered just a little more proof of that assumption, adding that $20k could just be a few FOMO days away…

Lee’s most recent estimation sees the analyst taking a breather from the classic 15-minute candles we all love to stay incessantly at and scope a more macro view of Bitcoin’s price history.

According to Lee the new 2019 high of well over $9000 that BTC posted yesterday puts us ever closer to the old highs around $20k, and what would it take us to get there? Just a little FOMO, says Lee.

Lee also asserts that the 200-day moving average - which Bitcoin moved over back in April - that has been acting as the propellant for further gains.

Given this, Lee suggests that the only reasonable strategy in his mind is, staying “long,” alluding that the analyst believes that these gains are here to stay and that there may be more to come.

In a recent interview with Chepicap, Lee reiterated his position that Bitcoin breaching $10k would lead to a rally in which a price point of $40,000 is reachable:

"looking at the past bull cycles, once you breach that what we call FOMO level, Bitcoin typically rallies 200% to 400% so that's how we got to a theoretical $40,000." 

Do you think BTC is well and truly in bull mode, or will we see a retrace from here? Let us know your thoughts in the comments below!


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Read more about: Tom Lee Bitcoin (BTC)


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