Tom Lee on CNBC: After $10k, institutions could push Bitcoin past its ATH

14 May, 2019
by David Robb
Opinion
Tom Lee on CNBC: After $10k, institutions could push Bitcoin past its ATH

Tom Lee, the head of crypto data firm Fundstrat, has recently given an interview to CNBC Futures Now. One of the most bullish figures in crypto was even more bullish than usual, and predicted that a new Bitcoin ATH could be on the way as result of FOMO investing from traditional financial institutions.

Aside from John McAfee and Tim Draper, Lee has probably made the most optimistic price predictions for BTC in the last year or so, and he does so on quite a regular basis. After calling a major Bitcoin recovery for this year back in April, the last month or so has gone some way towards vindicating his enthusiasm. 

Lee claimed that some positive fundamentals, such as news from Consensus about the Bakkt launch, may be keeping momentum behind the current BTC bull run. Also important is the cleaning-up of the crypto market, with fewer scam ICOs, and the status of BTC as a non-correlated asset that can serve as a potential "safe haven" from the escalating trade war with China and stock market volatility. 

Bitcoin is also showing important positive technical aspects like moving above its 200-day moving average. If the rally continues to the $10,000 level, a whole new level of demand may well open up for Bitcoin and the crypto market in general.

According to Lee, "Now that Bitcoin is approaching that $10,000 level, I think there's a chance that traditional investors...are going to start to look at crypto again...bringing in that new interest and demand into crypto could really push Bitcoin to its all-time high".

Not everyone in the community seemed to put much faith in Lee's assessment, and they also seemed to be concerned about bullish predictions being made on CNBC. The network's financial programming has often served as a contra-indicator for the BTC price, with Bitcoin regularly doing the exact opposite of what its shows claim that it will.

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