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Bitcoin predicted to reach a new record high in July

Bitcoin predicted to reach a new record high in July

New York: Bitcoin could be far from its peak of $ 19,511 in mid-December, but it will reach new heights in July, according to Tom Lee of Fundstrat Global Advisors LLC.

The largest cryptocurrency in the world fell 70% from its peak between December 18th and February 6th, but has since recovered and is trading around the $ 10,000 level. This, says Lee, follows a pattern: Bitcoin funds have a "V" shape.

Based on an analysis of 22 corrections of 20% or more that digital currency has seen since 2010, Lee has determined that in "bullish" periods, Bitcoin takes about 1.7 times the duration of its decline to recover . This delay means that it will take 85 days for the cryptocurrency to rebound completely after its last fall, which lasted 50 days, which means that it should reach new records by mid-year.

Lee said he has seen the sentiment improve towards bitcoin in recent weeks, indicating that cryptographic investors are still bullish and that the digital asset is on the rise.

"This recent 70% decrease is serious," he writes. "We can see a case of bitcoin resilience here given the sharpness of the recent decline." Bloomberg

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