Analysts called the reasons for the upcoming Bitcoin exchange rate

This year will be great for Bitcoin, according to Wall Street analyst and Fundstrat founder Tom Lee. Besides halving, he named two more reasons why the value of the coin would rise. About this writes RBC Crypto.

The entrepreneur attributed the upcoming presidential election to the first. Last year, the White House prevented the Bitcoin rally, but now it will not have time for an opposition campaign, explained Tom Lee.

Another reason he considers politicalinstability in the Middle East. On January 3, the United States launched an airstrike on Iran, after which Bitcoin began to rise in price and went up from $ 6,900 to $ 9,000 in two weeks. According to Lee, there has since been a marked increase in investor interest in cryptocurrencies.

Tom Lee of @Fundstrat says 2020 is going to be a good year for #bitcoin. He explains. pic.twitter.com/oEHiEJKE4m

- CNBC’s Fast Money (@CNBCFastMoney) January 23, 2020

Bitcoin Sure of Long-Term Value Growthalso venture capitalist Tim Draper. In an interview with FOX Business, he advised millennials to invest in cryptocurrencies, as they are on the verge of a new financial revolution. However, its offensive will slow down due to the influence of the values ​​of older generations and the obsolescence of the current banking system, the entrepreneur said.

As for the near term, the price of Bitcoinmay decline to a psychological support level of $ 8,000, Coindesk analyst Omkar Godbow suggested. If the coin rate falls below this value, it will continue to fall to the 50-day moving average, passing at around $ 7678, the expert is sure.

He added that at the moment the Bitcoin rallyis in question. But such a scenario is possible if the price of a coin can gain a foothold above $ 8800 with high volumes on the part of the buyer, Godbow predicted.

Currently, Bitcoin is trading at $ 8,353 in 24 hours, it has grown by 0.42%. The daily coin trading volume reached $ 24 billion.

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