Thomas Lee: "Bitcoin is now in a bull market"

06 Apr, 2019 | Updated: 07 Apr, 2019
by Richard Allen
Opinion
Thomas Lee: Bitcoin is now in a bull market

During an interview with Bloomberg, Thomas Lee, co-founder of Fundstrat Global Advisors stated that Bitcoin is back on a bullish trend.

Lee points out many crypto skeptics declared Bitcoin’s death because the currency was down by 90%. However, it’s since broken its 200-day-moving-average which Lee attributes as evidence we are now in a bull market, stating explicitly "Bitcoin is now in a bull market." Additionally, Lee goes on to explain that a tailwind has been developing as a result of the dollar not strengthening and China’s equity multiplier has been growing.

Lee adds that there is evidence that crypto whales have begun buying again, after largely selling in 2018, stating “A lot of them sold in early 2018, that’s dry powder, they’re starting to put that to work.”

Recently Ryan Selkis, founder and chief executive sat down with Bloomberg to discuss some of the reasons behind Bitcoin’s recent price surge. He explained that institutional interest has been growing with companies like Fidelity, the New York Stock Exchange and ICE.

Read more: Messari founder Ryan Selkis delves into some of the reasons for BTC's rally

Additionally, BitPay Chief Commerical Officer, Sonny Singh spoke to Bloomberg as well. According to Singh, Bitcoin’s popularity is growing quickly outside of the US, explaining that “In America, most people use it for speculation but outside, Bitcoin is really catching on fast.”

Read more: Sonny Singh: "Bitcoin is really catching on fast" outside of the US

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Read more about: Tom Lee Bitcoin (BTC)

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