Bitcoin Analysis – Price breakout in August?

Bitcoin Analysis – A Bitcoin price breakout is expected this August

Over the past few months, Bitcoin managed to maintain pretty much the same price, as it wasn’t able to break past the $4,000 mark. And it could stay like this until August, when a real bull run could start with a Bitcoin breakout, according to Fundstrat Global Advisors co-founder Thomas Lee.

In a recent interview for CNBC, Mr Lee, who previously said that he would stop giving any timeframes for a price, claimed that August could be a very important moment for the most important cryptocurrency, in terms of market cap.

There are a few important factors which could trigger the growth

“I think the key number to watch is the 200-day moving average,” he said in the interview.

“If Bitcoin holds above $4,000, it’ll cross its 200-day moving average by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”

Tom Lee believes that technical, macro, as well as fundamental indicators,  could justify his predictions.

To be more specific, he claimed that the fact that the dollar performed well last year, alongside the launch of Fidelity’s custody solution and the Bakkt platform, as well as technical indicators he closely analyzed made him think that BTC could get back on track and register a serious growth this summer.

Will this new prediction be accurate?

Still, let’s not forget that in the past Tom Lee was wrong with his predictions related to Bitcoin price, as he was almost convinced that the cryptocurrency was able to surpass its historical max of almost $20,000, reached in December 2017. Still, this new outlook is definitely more measured and he avoided giving precise figures.

Back in February, it was reported that Bitcoin finally started to delivers returns to investors, with an average daily increase of roughly 0.5 per cent. Unfortunately, the number has shrunk this month, reaching 0.2 per cent, making enthusiasts think that a bear market downturn could be triggered.

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