Fundstrat’s Tom Lee says Bitcoin could gain 100% in 2020

Bitcoin, the most popular cryptocurrency, could rise by 100% this year due to geopolitical tensions and the US Presidential Elections, Fundstrat’s lead analyst Tom Lee wrote in the firm’s recently published 2020 crypto outlook. 

Lee is betting on an increased usage of the cryptocurrency as a haven asset. Bitcoin did benefit from the recent US-Iran tensions and closely tracked the action in gold, convincing renowned analysts like Ran NeuNer that the largest digital currency is now a safe haven asset. 

Fundstrat’s Lee also expects bitcoin to continue gaining ground in the months leading up to the reward halving. The process due in May will reduce rewards per block mined by half. 

Bitcoin has shown signs of life over the last couple of weeks. The cryptocurrency is currently priced at $8,118 on – up more than 25.8% from the low of $6,450 reached in mid-December. 

Prominent chart analysts are increasingly getting bullish with charts flashing major bullish reversal patterns like the inverse head-and-shoulders breakout.

However, a few analysts like Jason Williams, co-founder at digital asset fund Morgan Creek Digital, think halving has been priced in and could be a non-event for markets.