Bitcoin is being fancied for over 200% gains in the next half year. Co-founder of Fundstrat global advisors, Tom Lee acclaims a bullish technical factor as one of the reasons for his recent optimism.
Lee further explains that January, which is usually a weak month for crypto has been particularly great for bitcoin which is up 26%. The strongest reason, however, is bitcoin’s recovery of its 200-day Moving average.
Lee adds that any ardent trend follower knows that a 200-day means the return of the bull markets. Upon BTC breaking the 200 days, Lee expects the accumulated growth gains six months later to stand at not less than 197%.
Most Successful January In 7 Years
January 2020 has been the most successful since 2013 and is to many, a sign of a long term bull cycle. Tommy lee further projects 2020 to be the most successful year for bitcoin investors than in 2019. This is despite the gains achieved in 2019 which at one time reached 300%.
One of the reasons behind his claims is the upcoming halving in May which analysts have acclaimed to be a catalyst for a bull run. In addition to the reduction of bitcoin supply by half, it will take the inflation rate below gold.
People Still Prefer Central Banks Over Tech Giants Like Facebook-New Report
Meanwhile, the world is slowly opening up to crypto. The common man has seen the benefit of the financial independence promised by digital currencies. But not everyone trusts the tech companies that propagate the use of cryptocurrencies.
A research report by Official Monetary Financial Institutions Forum has found that more people still prefer the central bank as the issuer of digital currency than giant tech companies like Facebook. The report, which cited a survey by Ipsos MORI included a sample size of 13,000 global participants.
The report asserted that central banks have the highest trust rating according to results from the survey. In the runner up position was companies like PayPal, followed closely by commercial banks, credit card companies and then tech companies like search engines and social media firms came in last.
Libra Biggest Hurdle
Libra is one of the crypto projects that has been on the making since 2017, targeting the unbanked population. However, the project has recently hit a roadblock, as regulators raise a number of issues that need to be addressed before they are given a green light.
Facebook’s vision stems from its large user base support and while that is the case, the survey points out that users trust central banks more. Tech companies had the least support, at least as per the report, with a score of 37%. More details from the survey reveal distrust from respondents from advanced economies.