The recent mass sale of Bitcoin appears to have been discovered and a new uptrend “is probably underway,” Tom Lee of Fundstrat said on a note Wednesday.
The maximum value cryptocurrency has been sold for more than 20% in recent weeks after surpassing just under $65,000 when Coinbase went public. Bitcoin fell below $50,000, a key mental point for investors, but has since recovered and is quoted at just $55,000 on Wednesday afternoon.
Now, bitcoin has discovered about $47,000, which matched a “9” acquisition sign generated through the DeMark indicator. This counter-stay indicator, created through Tom DeMark, measures inventory price depletion.
“If those [$47,000] are maintained, and it’s likely, since it’s a point before the last “sales countdown,” bitcoin will join,” Lee said.
According to Technical Analyst Katie Stockton of Fairlead Strategies, a potential target Bitcoin can also raise $69,000, representing a prospective 25% build-up on existing levels.
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