Tom Lee made an extraordinary , one that turned out to be false. He said would go way back over $10,000, which was . Now, while trades sideways within a tight range but are experiencing a resurgence dubbed by Mati Greenspan Lee says another bull run is on the way.
2019 Will Be ‘Year about Repair’ for bitcoin
, Lee said today:
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” I think 2019′s a year about repair. We have a risk-on rally in global markets that’s positive for ; 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.”
An increasingly doesn’t necessarily have an effect on markets in the traditional sense. In any case, there’s no strong evidence to suggest that dollar strength corresponds to . However, 2018 might have seen traders moving into forex rather than .
Still, there is a staunch fact that cannot be denied: thousands of people sold at a loss throughout the crypto winter of 2018 and are still doing so. is as much a philosophical movement as it is an asset class.
IS A CULT IN THE EYES OF FIAT SUPPORTERS.
CASH IS A CULT IN THE EYES OF SUPPORTERS.
SATOSHI VISION IS A CULT IN THE EYES OF CASH SUPPORTERS.
HOW DEEP DOES THE RABBIT HOLE GO? 🙃— Bernie the Whale (@berniewhale)
Lee says that there are many reasons to regain faith.
“The real story is the fundamental one, that ’s becoming quite useful. We’ve seen the launch of digital currencies by not only J.P. Morgan and Mizuho Bank, but also Facebook and some social media companies gearing up. And, of course, in places like Venezuela, where ’s become very large and widely used, turmoil is causing growth. So I think these are really setting up for a strong … year.”
The Mizuho Bank product, J-Coin, is . This reporter has made the argument that JPM Coin , being that it lacks any sort of public access, immutability, or other properties of a . While J-Coin won’t even necessarily integrate a , JPM Coin might be considered a . Jamie Dimon has also the idea that it might be made available for general commerce.
Tom Lee predicts to go to $1900 by 2019.
Google to allow crypto advertising in October for the US and .
announces new listing process.
Canada introduces mutual fund.
Speculators indicate that the market has found floor
— Phillip Nunn 🚀 (@PhillipNunnUK)
bitcoin Bull or Wall Street Cheerleader?
Lee listed other examples of reasons to be excited about .
“Fidelity’s launching digital custody. Bakkt is going to launch an exchange. 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.”
The bull case for has always been a strong one. Let’s not get that twisted. However, the bull case for is a long-term one. We live in times of national and household debt. Some countries are facing never-before-seen. These factors, at a macro level, contribute to the bull case for : for individuals looking for some degree of long-term safety, , despite its volatility, can provide solid returns against most other assets.
It remains nonetheless, and it’s unclear if predictions like those of Tom Lee are responsible for clearly biased outlooks. Lee got specific, saying that would surpass its 200-day high by August of this year.
Yet, if we judge the current bear market against the last extended one, it’ll be October before things get better. Those who bought at the top might lose as much as 85% of their investment during that time.
In 8 days, it will be 365 days (1 year) since achieved ATH at $19,000.
will have been in bear market for 1 year and historically, achieved a new ATH in 67 weeks on average.
67 weeks would be Q2 of 2019. Could take longer of course, just smth to think about.
— Joseph Young (@iamjosephyoung)
The old wisdom applies, however, dear reader: 1 = 1 . You haven’t lost anything if you don’t sell at a loss, and comparisons with traditional assets only go so far.
Tom Lee is a good cheerleader during crazy bull runs, but in times like these, it’s best to trust your gut. Fear of missing out is a murderous emotional complex. While the long-term bull case for is undeniably stronger than any remaining Luddite assessment, the short-term may provide better buying opportunities than seen today. Or they may not.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Published at Thu, 14 Mar 2019 21:10:55 +0000
