Thomas Lee considers that the bullish trend in Bitcoin transactions indicates the end of Crypto Winter. The growth in the volume of transactions also suggests a bright future for this cryptocurrency
Bitcoin’s restless bullish moves have led the Co-Founder of Fundstrat Global Advisors, Thomas Lee, to believe that Crypto Winter days have been left behind. In a recent Tweeter post he shared an image with details of the confirmation of his belief. There are 13 confirmations chronologically organized since the beginning of Crypto Winter in November 2018. Covering the events of the last six months, the confirmations indicate that the bearish market has ended and a brighter future should be expected.
In a Twitter post Lee indicates that the recent decrease in Bitcoin’s price and its subsequent rise to previous maximums is another indicator that the trend of the bullish market is in full effect. There he referred to the sudden plummeting of Bitcoin´s price on Friday at Bitstamp, a Luxemburg-based cryptocurrency wallet that saw Bitcoin’s price fall US $1,700 in minutes and recover to US $7,000 as other exchanges registered losses of 8-12%. However, Bitcoin’s price rose throughout the weekend to reach the previous maximums of US $8,000 on Sunday.
The last confirmation mentioned by Lee is the recent Blockchain Week and the Consensus event held last week. With an uncomfortable feeling of meekness compared to last year’s Consensus conference, this year’s shows the return of hope and the expectation for a bright future. The number of attendants was also notably smaller than last year, which led some analysts to demand a mature audience and the market conditions.
According to Lee, other confirmations include the Bitcoin Misery Index (BMI) owned by Fundstrat, which surpassed 67 on March 27th, for the first time since August 2015, as a supposed bullish signal. Besides that, on January 23rd transactions with the Bitcoin Blockchain became positive, for the first time in more than 12 months since the historical maximums of December 2017.
It is needless to mention that, in early April and early May, the cryptocurrency space was impacted by Bitfinex/Tether FUD about the fact that the General Prosecutor of New York accused the two affiliated companies of losing an amount close to US $1,000 million and using the stablecoin Tether in order to hide the loss. This FUD did not have any impact on Bitcoin’s price, which notably showed the level of maturation of the leading cryptocurrency.
Tom Lee has come to be known for his extravagant predictions about the prices of Bitcoin, most of which have not yet occurred. The recent one, made at the end of last April 29th, establishes that Bitcoin will continue surpassing its 2017 ATH price by 2020. It seems to be an achievable objective and something that most cryptocurrency defenders are waiting to see, now that the bearish market seems to be after users.
Once more Bitcoin demonstrates that it is the most robust cryptocurrency in the market. It has recovered from drastic falls in a matter of minutes to reach historical maximums in its volume of transactions. The information provided above may help expert users and novices feel confident to invest in this pioneer crypto asset.
By Willmen Blanco