In fresh comments, the famous Bitcoin bull said investors should eye the 200-day moving average price for hints at a trend reversal.
Fundstrat Global Advisors co-founder Thomas Lee broke with tradition about Bitcoin (BTC) price forecasts on March 14, telling CNBC he thinks a bull mark could return within six months.
In an interview with the publication, Lee, who is well known as a Bitcoin bull — but said he would stop giving out timeframes for a price rebound in December — now claimed August could see a market U-turn.
“I think the key number to watch is the 200-day moving average,” he told the network, continuing:
“If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”
Referencing Bitcoin Cash’s (BCH) contentious hard fork in mid-November, Lee stated, “I think the damage that really needs to be repaired is that drop from $6,000 to $3,100,” adding:
“I think it really undermined investor confidence and the dynamics around the market[.]”
As recently reported, Bitcoin had begun to deliver returns to investors through February, with average daily increases of around 0.5 percent. The number this month has shrunk, with daily numbers closer to 0.2 percent, leading some to think a fresh bear market downturn could be imminent.
Since peaking at all-time highs around $20,000 in December 2017, Bitcoin has seen the longest bear market in its history, with subsequent lows averaging just above $3,100.
In December, fellow market analyst Tone Vays sounded a more intense warning, forecasting BTC/USD to fall to near $1,000 before bearish sentiment definitively ends.