The S&P 500 reaching an all-time high will be a catalyst for Bitcoin

Bitcoin (BTC) will reach $ 40,000 before the Dow Jones Industrial Average (DJIA) hits 40,000 points, according to prominent cryptocurrency analyst who has just predicted a 200% increase for BTC in August 2020.

In an interview with CNBC On February 10, Tom Lee, co-founder of Fundstrat Global Advisors, said that although the DJIA will reach 30,000 points before Bitcoin reaches $ 30,000, $ 40,000 is another story.

Lee: I will not choose the DJIA index

The DJIA is currently trading at 29,280 points – an all-time high, while the BTC / USD pair is at $ 9,870 after hitting a 5-month high of $ 10,150 at the end of last week.

Lee said:

“My prediction will be DJIA, but if I have to choose which one will hit 40,000 first, then I won't choose DJIA.”

“Yes, @fundstrat just said he thought Bitcoin could triple this year and beat the Dow to 40k,” host Kelly Evans confirm.

$ 4K or $ 27K for BTC?

Earlier, the infamous Bitcoin bull claimed that because BTC broke the resistance provided by the 200-day moving average, it could triple in the next 6 months.

Lee's prediction did not get the approval of some traders during a market discussion with CoinTelegraph on February 6, who thought it was still an outrageous optimism.

However, after a 40% increase since the beginning of the year, Bitcoin has witnessed a wave of new price predictions from space celebrities.

Most recently, the host of the Bitcoin Trading podcast – Tone Vays, warned that BTC in the short term could produce as low as $ 4,000. Meanwhile, veteran Peter Brandt believes that those who are waiting to buy BTC below $ 6,000 have “missed the opportunity”.

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As Toiyeubitcoin reported, PlanB – the creator of the exact stock-to-flow Bitcoin prediction model, shares the view that the BTC / USD pair will still trade higher – at least $ 8,200 before peaking at 100,000. USD at the end of 2021.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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