The Fundstrat co-founder, Tom Lee has echoed what many analysts are predicting. That is a great 2020 for Bitcoin based on metrics, some of which have been undefined in the past.
In a tweet on Wednesday January 30, the analyst wrote that Bitcoin is a better safe haven than gold. This is one of the issues that have been debated by many investors, especially with prospect of recession in the future.
Lee wrote on January 29, that with Bitcoin moving back above its 200-day moving average, the coin has scaled a milestone that makes the year a potentially bright one.
Price of #bitcoin responds (in a good way) when it moves >200D— Thomas Lee (@fundstrat) January 30, 2020
cc: @zGuz @YahooFinance
Link: https://t.co/pIOWEY1cw8 via @YahooFinance
This is consistent with another analysis made by Glassnodes, the research firm that has worked on mapping the trend of adoption of Bitcoin. Ordinarily, this is a tough task due to the fact that one individual could own many wallets while exchanges are actually managing the funds of many people.
Aside breaking known resistances due to market demands, the new analysis focused on breaking known resistance in adoption in terms of the increase in the number of new users of the cryptocurrency.
The result of the Glassnodes study shows that more people are using the cryptocurrency. A correlation shows that with more entrants, the prospect of a bull market becomes more apparent. Aside the likelihood of Bitcoin entering a bull market based on adoption, the firm also claimed that monitoring wallets, it concluded that growth of BTC corresponds with the increase in the number of entities using the coin.