Fundstrat Global Advisors Co-Founder Thomas Lee: Bitcoin Is Back in a Bullish Trend
During the interview, Lee pointed out that Bitcoin’s critics declared the cryptocurrency dead because it lost 90% of its value. However, it has now broken over its 200-day-moving-average, which is why he thinks sentiment has to change and that BTC is currently in a bull market. Lee noted that a tailwind for Bitcoin formed this year because the dollar wasn’t strengthening and China’s equity multiplier has been growing.
Lee also noted that there is evidence that the so-called whales — investors who hold great quantities of cryptocurrency — have started accumulating more crypto once again. He said:
“A lot of them sold, in early 2018, that’s dry powder, they’re starting to put that to work.”
As Cointelegraph reported in March, Thomas Lee previously told CNBC that he thinks a bull mark could return within six months, noting the indicator to keep an eye on is 200-day-moving-average.
In February, Lee’s New York-based research company Fundstrat Global Advisors released its 2019 crypto outlook in which analysts describe incremental improvements that will purportedly support higher prices for cryptocurrencies.