Tom Lee explained why the price of bitcoin will rise by almost 200% in the next six months

Tom Lee, co-founder of Fundstrat Global Advisors, said his company is optimisticonthe future of bitcoin in 2020. He said this in an interview with Yahoo Finance.

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"Last year, bitcoin went up almost 90%.will be even stronger due to a number of factors, such as the upcoming halving."Lee said.

Among other reasons that could positively affect the price of bitcoin, the analyst called coronavirus and geopolitical tension.

According to Lee, technical analysis data also indicate a further increase in the price of bitcoin. So, the price of the first cryptocurrency surpassed the 200-day moving average, which may indicate the beginning of a bull market.

"Whenever bitcoin crosses this mark, the average profitability in the next six months reaches197%, so we can talk about possible further growth,"Lee concluded.

Recall, analysts at Fundstrat Global Advisors have already predicted that in 2020, bitcoin is likely to bring investors more than 100% profit.