Bitcoin’s most optimistic bull is up to his old tricks once more.
Tom Lee, who is the managing partner and head of research at Fundstrat Global Advisors, claims that the once-hot cryptocurrency would be making a comeback for the ages and establish new record highs in the month of July.
If that were to happen, it would be an unbelievable bounceback for bitcoin, which plunged as much as 70% after reaching an all-time high of $19,511 in the middle of December. And while this may seem nuts, Lee holds data to back his assertion.
Lee took a closer look at the 22 previous instances that bitcoin dripped more than 20% and uncovered that, during bull periods, recoveries take 1.7 times the duration of a decline.
If that trend holds true, the cryptocurrency would attain a full recovery in 85 days, hence the bullish projection for July.
One caveat is that this is only true when bitcoin is in a bull phase. And while it may seem odd that we’re still in one, Lee says that we are, claiming a longer-term upward trend.
“73% of bitcoin bottoms are V-shaped,” Lee said in a client note.
“This recent 70% decline is severe. We can see a case for bitcoin’s resilience here given the sharpness of the recent decline.”
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