BTC - Tom Lee says Bitcoin will beat the Dow to $40k

jrcornel (84)in #bitcoin • 5 years ago

Tom Lee just made a bold prediction on CNBC...

Tom Lee was on CNBC's Power Lunch today, a sort of half time talking segment midway through the trading day where analysts often give their thoughts on different things.

Today, Tom Lee was on talking the Dow and bitcoin.

He said there are a lot of tailwinds for bitcoin right now that likely are going to propel it to all time highs this year.

The tailwinds he mentioned:

Halving in May
BTC now above its 200 MA
Election Year
Coronavirus fear

Add all this up and he thinks bitcoin is going to have a massive year.

I agree.

How massive they went on to ask him?

He spit out some math to answer that one...

Historically, when bitcoin breaks above its 200 day moving average it returns 190% on average during the following 6 months.

https://steemit.com/bitcoin/@jrcornel/btc-bitcoin-now-above-it-s-200-day-sma-which-means-big-gains-ahead

Using that data, bitcoin would hit new highs within the next 6 months.

This wasn't his prediction per say, but it was based on bitcoin's historical price patterns and math.

(Source: https://cryptokiemtien.com/tom-lee-said-bitcoin-could-go-to-40k-within-five-months/)

Now for his prediction...

He said that if he had to bet which would hit $30k sooner, the Dow or bitcoin, he said he would go with the Dow.

Not surprising since the Dow is only a hop skip and a jump away from that number.

However, when pressed a bit further he added that if he had to pick the Dow or bitcoin to hit $40k first, he would go with bitcoin...

Yep, he said he thinks bitcoin will hit $40k before the Dow hits $40k.

Tom... my boy.... I like they way you think!

Had some trouble uploading the video, but it can be seen here:

https://www.reddit.com/r/Bitcoin/comments/f1vbuz/tom_lee_spitting_absolute_fire_on_cnbc_power/?utm_source=share&utm_medium=web2x

Stay informed my friends.

-Doc

#palnet #steemleo #neoxian #marlians #dblog #bilpcoin #zzan

5 years ago in #bitcoin by jrcornel (84)

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rollandthomas (74) 5 years ago

I'm on that Tom Lee bandwagon and totally agree.

Posted via Steemleo

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1 vote

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jrcornel (84) 5 years ago

I am as well. Though partly because the Dow won't be hitting 40k any time soon1

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davidamsterdam (57) 5 years ago

The cycle continues.. I think it might be better then 2017.. kind regards,

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jrcornel (84) 5 years ago

That would be something. I don't think it will be better, but I do think we will hit $100k at some point by the end of 2021. It just sounds like a nice round number.

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davidamsterdam (57) 5 years ago

i won't say no to that..

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chekohler (70) 5 years ago

I’m still a skeptic because of the possible chain stalling at that level and the cost involved as fees rise! I feel like a fully operational lightning network would do wonders for the price

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jrcornel (84) 5 years ago

SegWit will change things this time around should we get to those levels again.

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d0zer (59) 5 years ago

This guy has been wrong so many times, it’s not funny anymore.

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betwrong (28) 5 years ago

I think he's right about $40k, though. :)

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jrcornel (84) 5 years ago

Going back to when he started commenting on bitcoin, he was actually right a few times, then wrong a few times, then right again.. add em all up and I'd say he's slightly better than 50/50 though people love to talk about his misses.

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