Thomas Lee on CNBC Futures Now: Still bullish on Bitcoin

26 Apr, 2019 | Updated: 27 Apr, 2019
by David Borman
Opinion
Thomas Lee on CNBC Futures Now: Still bullish on Bitcoin

It is being reported by AMBCrypto that Thomas Lee recently went on CNBC's Futures Now and made the case for Bitcoin being currently in a bull market. He cited a variety of metrics which he feels point to Bitcoin only heading higher.

Some of the indicators that Lee used to determine that Bitcoin is in fact in a bull run include getting above the 200 day moving average, and the increase that has been seen in Over the Counter (OTC) markets. The latter has risen by 60-70%, according to Lee.

He also went on to say that crypto needs to see an increase in usage by everyday individuals and that we shouldn't just be waiting for institutions to come in and give it value. In his own words:

"Until crypto is part of the existing financial of system and sort of used every day, it’s going to be a speculative asset."

Lee also spoke to the fact that some altcoins aren't currently rallying as well as Bitcoin, but he feels that will soon change:

"If you look at the altcoins, we tracked the correlation between them and typically what happens is that Bitcoin will rally and in correlations altcoins will drop, because altcoins aren’t tracking it, but that’s the setup and what we call the ‘next altcoin season’…. altcoins typically follow once there is big move in Bitcoin."

Overall, Lee seems rather bullish. Will the market feel the same way? Stick with Chepicap for all updates!

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Read more about: CNBC Tom Lee

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