Tom Lee, the co-founder of Fundstrat Global Advisors and bitcoin proponent, claimed that 2019 had the potential for a significant bull run for the coin. The largest cryptocurrency is currently under the longest bear market in the coin’s history and Lee indicated that bitcoin sentiment will turn positive again this year.
In a recent interview with CNBC, Tom Lee spoke about the current market for bitcoin and other cryptocurrencies. He suggested that 2019 will be a recovery year for BTC and the coin will undergo major “repair”.
He stated,
“We have a risk-on rally in global markets that’s positive for bitcoin; it was a headwind last year. And the dollar isn’t surging like it was last year. That’s a headwind that’s gone away.”
The bitcoin optimist felt that the coin required a period of five to six months to recover from the plunge into the $3000-$4000 range, which he credited to the bitcoin Cash hard fork last year.
Tom Lee shed light over multiple factors that he believed would allow the bitcoin market to capitalize on when the market sentiment improves. He also spoke about previous macro headwinds, infrastructure improvements-launch of Fidelity’s custody solution and the Bakkt platform, and bitcoin’s stabilized technical indicators which managed to hold above its 200-week moving average.
Lee said,
“Increased awareness around cryptocurrencies may also bring them closer to becoming an official asset class, a shift that is already starting to take shape. We’ve already seen some high-profile endowments, and pension funds actually invest new money this year. So I think, as an asset class, it’s still the earliest days, but I think it’s too glib to dismiss the macro.”
Moreover, Lee shared his opinion on bitcoin Cash hard fork and the “fork wars” which followed. He said that the threats made by bitcoin SV proponent Craig Wright were massively detrimental for investors’ initial interest in bitcoin’s market.
He credited the “fork-wars” as one of the reasons bitcoin prices steeped below the $6,000 range last year. However, Lee expected the current range of $3,000-$4,000 to serve as massive resistance for bitcoin’s imminent price hike.
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Published at Sat, 16 Mar 2019 10:19:34 +0000
