Tom Lee, Managing Partner at Fundstrat Global Advisors, is assuming a Bitcoin price of 100,000 US dollars by the end of 2021. The reason for the record-breaking increase in the BTC price is said to be the recovery of the stock markets.
In an interview with CNBC, Tom Lee explains that the decline in the number of corona infections will have a positive impact on the financial industry. First of all, the bullish mood on the stock market should show itself. The economic boom should then also have a corresponding effect on the Bitcoin price, which according to Tom Lee should rise to 100,000 US dollars by the end of 2021.
“A hundred thousand by the end of the year is pretty reasonable.”
Furthermore, the Hash Ribbons Indicator created by Charles Edwards also shows that the Bitcoin price could soon skyrocket. The Hash Ribbons Indicator uses the thirty- and sixty-day moving averages of the Bitcoin hash rate to determine miner’s capitulation. BeInCrypto has already reported on the Hash Ribbons Indicator at this point:
“Hash ribbons give long term signals that are used to indicate macro lows on the Bitcoin price chart. Analysis of its historical effectiveness suggests that the hash ribbons are an important indicator for identifying a buying opportunity. The inventor Charles Edwards describes in an article from October 2019 how the process works. He calls it possibly the strongest Bitcoin buy signal of all time. “
And currently the Hash Ribbons Indicator shows us that the bottom has been reached and that the Bitcoin price will soon rise enormously could.
Whales use the dip
The data analysis company Glassnode shows that the amount of BTC in the wallets of the whales is at the level of the year 2020 – at that time the BTC price was 13,000 US dollars. The charts also show that major investors are taking advantage of the low BTC price and buying the dip.
– Bitcoin Archive
(@BTC_Archive) August 11, 2021
Metromile, the NASDAQ-listed ($ MILE) auto insurance company, is an example of this. Because Metromile invested around one million US dollars in Bitcoin and has set itself the goal of increasing the Bitcoin investment to 10 million US dollars this quarter. At the same time, the cinema chain AMC decided to accept Bitcoin as a means of payment while Nigeria is now in second place in terms of Bitcoin trading volume.
The bullish market sentiment is also popular with other investors, because the “Fear and Greed” index is in the green area at 70 – ie “Greed”. In the last few weeks, the “Fear and Greed” index was mainly in the red for “Fear”.
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