Analyst Tom Lee Says Golden Rule for Bitcoin’s Gains at Play As BTC Swings
Fundstrat’s head of research Thomas Lee is highlighting a key metric that shows how the world’s most popular cryptocurrency accumulates its gains. Lee and his research team reveal that Bitcoin (BTC) makes most of its gains in just 10 disparate days of a given year.
But if you don’t own Bitcoin for those 10 best days out of the year, Lee says the annual return is -25%.
The strategy for maximizing gains, Lee believes, is to ‘hodl’ and not sell the investment.
According to the analyst, BTC just tapped the golden rule: Friday, October 25th is looking like one of Bitcoin’s ’10 best days’ as the king coin soared 30% to a high of just over $10,000. BTC immediately corrected and is now trading around $9,133 at time of writing.
Yup.
rule #6
Looks like 10/25/19 is one of the ‘10 Best days’ for #Bitcoin https://t.co/GDLubRtekB
— Thomas Lee (@fundstrat) October 26, 2019
Lee, who predicted earlier this month that Bitcoin will soon return to its all-time high of $20,000, affirmed another key indicator for a bullish Bitcoin market: the S&P 500. Says Lee,
“+12% rally in #Bitcoin coinciding with strong equity day as S&P 500 nearing all-time highs…
– a reminder of the ‘unpopular’ opinion that the bitcoin performs best when S&P 500 rallies.
– best years Bitcoin when S&P 500 return >15%.
$BTC mostly retail, thus, mostly ‘risk-on'”
Follow us on Facebook Join us on Telegram Follow us on Twitter
