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Fundstrat’s Tom Lee: ‘Bitcoin is going to catch up to gold’

Tom Lee, Fundstrat Global Advisors co-founder, has put forth a bullish prediction regarding Bitcoin ’s ( BTC ) near-term price action on CNBC’s Squawk Box on April 21 . Namely, the financial analyst believes that the leading digital asset struggled at the beginning of the year due to the overleveraged positions of institutional investors. “Now that deleveraging is done, I think that Bitcoin is gonna catch up to gold. And Bitcoin’s old high was over $110,000, so I think there’s a lot of room to catch up as a sort of non-dollar asset.” At the time of writing on April 21, Bitcoin was trading at $88,210, having marked a 4.43% gain on the daily chart, which has brought year-to-date (YTD) losses down to 5.67%. BTC price 1-day and year-to-date (YTD) charts. Source: Finbold Here’s how much Bitcoin would have to rally to catch up to gold In contrast with the leading cryptocurrency , gold prices have increased by 30.31% since the start of the year, having reached $3,420 per ounce by press time. Gold price year-to-date (YTD) chart. Source: TradingView Accordingly, BTC would have to see a 36.61% surge from current levels in order to catch up to gold. In absolute terms, this amounts to a rally to $120,507 — some 13.49% higher than the digital asset’s all-time high (ATH of $106,180, reached on January 22. However, readers should note that Lee’s optimism could be unfounded — the analyst had previously predicted a stock market recovery in late February, which failed to materialize. Moreover, in September of 2024, Lee missed the mark when he predicted a 7% to 10% pullback in the S&P 500. With that being said, Lee maintains a generally strong track record in terms of predictions, and has set a $250,000 price target for Bitcoin by the end of 2025. Watch the full video here: Featured image via Shutterstock The post Fundstrat’s Tom Lee: ‘Bitcoin is going to catch up to gold’ appeared first on Finbold . CoinOtag

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BITCOIN PRICE ANALYSIS & PREDICTION (April 21) – BTC Finally Overcomes $86k After Multiple Rejections, Where Next?

Prior to the latest positive surge in volatility, Bitcoin lost momentum and remained indecisive for over a week. It is currently up 5% in the past hours following a notable break above a weekly resistance level. After bouncing from $74.5k in the first week of the month, Bitcoin recovered nicely and tapped the $86,000 range. It later cooled off buying pressure after facing resistance and traded calmly in the second week. Several attempts to overcome this level proved abortive throughout last week, and the asset maintained sideways movements. Volatility increased today, and the price surged to a new monthly high with an impressive daily gain in the last 24 hours. The latest surge was mainly triggered by a break above the mentioned price range, which has been serving as a critical resistance for the bulls for over a week. They are currently targeting $88.7k. Overcoming it could pave the way for more recoveries towards the crucial $95k level. This crucial level marked a tough resistance for the bulls in the second phase of the short-term bearishness. If they manage to scale through, we can anticipate a major rally capable of activating a major reversal in the trend. With negative sentiments surrounding the crypto market from a mid-term perspective, Bitcoin might soon face tough resistance. And if that happens, the $70k level would be its next target point for selling. BTC’s Key Levels To Watch Source: Tradingview While the bulls’ next target levels lie at $888,765 and $90,000, they may face resistance at $92,810 if the price surpasses the mentioned levels. The $95k level is considered a trigger point for its next long-term move. Should the bears step back, the potential support levels to consider for drops would be $85,500, $81,135 and $76,606. Reclaiming the monthly $ low should set the market up for another crackdown. Key Resistance Levels: $88,765, $92,810, $95,000 Key Support Levels: $85,800, $81,135, $76,606 Spot Price: $86,888 Trend: Bearish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! CoinOtag