Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors

Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors
Saying that Bitcoin can be viewed as a safe haven for investors, Thomas Lee added that Bitcoin has “done very well this year”. He still stays very optimistic about further BTC performance.
Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors

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Source: CoinSpeaker

JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee
JPMorgan expanded its S&P 500 prediction which now stands at 3,200 from initial 3,000. The new target exceeds that of popular stock market bull and Fundstrat co-founder Thomas Lee who initially set the 3, 125 level.
JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

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Source: CoinSpeaker

U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat
The Treasury Department has concerns that Libra, as well as Bitcoin, could be misused by terrorist financiers and money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion, and ransomware.
U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

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Source: CoinSpeaker

eToro Analyst Predicts Bitcoin Price Could Go to $20K in Just Two Weeks and $100K in 2019

eToro Analyst Predicts Bitcoin Price Could Go to $20K in Just Two Weeks and $100K in 2019
Analysts are pretty sure in their claims that Bitcoin prices could match their all-time high of $20,000 within the next two weeks, and, could actually hit $50,000 or $100,000 by the end of the year.
eToro Analyst Predicts Bitcoin Price Could Go to $20K in Just Two Weeks and $100K in 2019

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Source: CoinSpeaker

Bitcoin Price Could Hit $62K This October, Says Analyst

Bitcoin Price Could Hit $62K This October, Says Analyst
Here’s how the analysts are predicting higher targets for Bitcoin price based on the strengthening technical charts, growing fundamentals, and higher institutional participation.
Bitcoin Price Could Hit $62K This October, Says Analyst

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Source: CoinSpeaker

Bitcoin breaching its 200-day MA was the ‘trigger’ that precipitated recent bull run, claims Fundstrat’s Thomas Lee

Bitcoin [BTC], now reinvigorated and recharged, once again affirmed its position as the king of the cryptocurrency market by climbing out of the price swap and into the bullish heaven of $9,000. After days of sluggish movement, the bullish swing towards the end of the previous week not only broke the ceiling, but several ceilings above it.
With the market and the market leader, Bitcoin, now on a 13-month price high, it does pay dividends to look back and mull over the coin’s rise. The bull run was initiated on April 2, when the price saw a 17 percent daily gain and surged over $5,000. Since that unprecedented high, the market has broken multiple psychological and resistance levels on the back of several announcements relating to adoption and distribution implementations.
While there seems to be no concrete trigger for this price surge, a prominent analyst in the space suggested that the happening of a key technical event may have buoyed the BTC market and pushed it onto a positive price path. Fundstrat’s Head of Research, Thomas Lee, opined in a recent tweet that the “trigger,” albeit from a price chart point of view, was the 200-day moving average being overtaken.
Lee added that given the rapidity of the price rise, the only strategy that makes sense was going and staying “long,” as traders who have been shorting Bitcoin are facing stiff losses over the past few months.
Source: Trading View
His tweet read,

Bitcoin has acted very differently since it crossed above its 200D mavg (early April).
Since then, the best strategy has been to stay long. #Hodl
— Thomas Lee (@fundstrat) June 17, 2019
The weekend prior to the BTC price rally on April 2, several analysts had suggested that a breakout over this range would signal a commendable push upwards. In retrospect, “commendable” is a stark understatement and does no justice to the scale of the price rise.
The 200-day MA was placed at $4,623, as Bitcoin was trading under $4,100 and as the bulls struck the market, the moving average was broken, alongside the resistance of $4,200. Within hours of these two levels being left in BTC’s wake, $5,000 was passed. According to Lee, this 200MA breach indicated a BTC breakout, one that has not only failed to slow down, but looks to get stronger with every passing week.
Bitcoin was not satisfied with the passing of the 200-day MA however, and less than 20 days after the monumental event, another important mark was surpassed. On April 22, the cryptocurrency entered its “Golden Cross,” after the 50-day MA overtook the 200-day MA. According to many analysts, this was the final nail in the coffin for the “crypto-winter,” with only spring on the horizon.
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Source: AMB Crypto

Bitcoin Battling $9000 – Analyst Thomas Lee Predicts Real FOMO Level in the Bitcoin Market

As bitcoin price nearing $8000, analysts predict the upcoming price moment and the level of FOMO in the bitcoin market. Analyst and co-founder of Fundstrat, Thomas Lee says that the real FOMO probably start when Bitcoin actually hit $10000.
Thomas Lee, a.k.a Bitcoin bull while responding to the comment on the level of FOMO chart shared by Adam Samson, a journalist at Financial times, states that; “real FOMO” probably starts when #bitcoin exceeds $10,000.
Lee’s comment actually comes as the explanation to the Fundstrat’s chart on the degree of FOMO which Mr. Samson thinks Bitcoin’s price is headed for level 10 FOMO. However, according to Lee’s explanation, BTC is yet to reach $10000 & more, in his words;

Actually the point of the chart is to say “real FOMO” probably starts when #bitcoin exceeds $10,000 as that is a price level only seen 3% of all days…
…mathematically equivalent to exceeding $BTC $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
— Thomas Lee (@fundstrat) May 29, 2019

Although the peak at the price of Bitcoin creates fear of missing out (FOMO) sentiment across the crypto market Lee’s view is that such highest figure is yet to come. Having said that one BTC at press time is equivalent to $8694 against the US Dollar which is short sees negative remarks of 0.23 percent over the past 24 hours.
Image Source – Coinmarketcap
Also Read – Investors Choosing Bitcoin [BTC] Over Gold As Interest Rates Keep Falling: Analyst
However, since the past few months, specifically from April, Bitcoin’s significant value is influencing the price of other altcoins. Initially, it began the continuous surge when BTC crossed $5000 figure at the start of April – eventually, gripping the highest volume of over $8600 on May 30, 2019.
Do you think Bitcoin will hit $10k anytime soon.? What’s your take on Lee’s FOMO level prediction.? Let us know in the comment below
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Source: CoinGape

Bitcoin FOMO is Strong But The Bears Will Not Go Quietly

As Bitcoin breaks significant resistance at $6,000 and $8,000, all within the space of a week, interest is reaching fever point. But despite the strong performance, which some say is buoyed by economic uncertainty over the US-China trade war, there are those among us who remain skeptical.
Bitcoin FOMO
An impressive week for cryptocurrencies saw Bitcoin break the $8,000 mark on Tuesday. Up 120% since the start of the year, this momentum is continuing to lead the rest of the market into a bull run. Unsurprisingly, mainstream news outlets and everyday people are once again talking about Bitcoin.
In view of this, Bitcoin advocate, Thomas Lee of Fundstrat Global Advisors, believes no-coiners will FOMO into cryptocurrencies. Speaking to CNBC, he said:
“There have been positive developments, including some of the announcements coming out of Consensus, like the BAKKT launch and merchants starting to accept Bitcoin. But, what’s getting investors quite optimistic is that, now Bitcoin is approaching that $10,000 level, I think there’s an increasing chance that traditional non-crypto investors are going to start looking at crypto again.”
Lee went on to talk about the importance of getting new investment into the space. Which he believes will be the key catalyst for pushing prices back towards all-time-highs.
Thomas Lee has continually pushed bullish sentiment, even during the height of crypto winter, which saw Bitcoin lows of around $3,200. And as each day passes, it looks more and more certain that we have finally left the bear market behind. Part of the reason behind the upswing may relate to economic uncertainty caused by the US-China trade war, which Lee mentioned in the CNBC interview.
Last week, Trump announced a tariff hike on Chinese imports from 10% to 25%. This move was the culmination of months of political wrangling, which only served to strain already tense relations.

The trade war between the US and China is escalating after President Trump raised tariffs on $200 billion of Chinese imports from 10% to 25% on Friday.
Now, the White House’s top economic adviser is contradicting the President, admitting Americans will pay the tariffs.
— TODAY (@TODAYshow) May 13, 2019

The traditional financial markets reacted severely, seeing a 600 point drop on the Dow Jones. At the same time, Bitcoin broke $6,000. While these events may be coincidental, some analysts, including Lee, see Bitcoin as a safe haven during times of uncertainty.
Indeed, Travis Kling, founder of Ikigai Fund, spoke about Bitcoin being the solution to an unsustainable economic system. Where investors look to trusted alternatives as a hedge. He said:
“This is a hedge against irresponsiblity from governments and central bankers…the world is waking up to the value of a hedge against quantitative easing.”

Bitfinex’s insolvency – didn’t crash the market
Binance hack – didn’t crash the market
FinCEN’s crypto doc – didn’t move the market
Sherman’s crypto ban BS – didn’t move the market
China/US trade war tension? gonna MOON the market
— Dovey Wan (@DoveyWan) May 10, 2019

The Bears Aren’t Done
All the same, even though things are looking up for Bitcoin, and the cryptocurrency markets as a whole, not everyone believes Bitcoin will see a major rally.
Greg Thomson, writing at the start of the year for Hacked, cited a variety of reasons why Bitcoin will go to zero, chief amongst which was the lack of demand for decentralization. He wrote:
“We all talk about decentralization and freedom as though it were obvious that these things are what people desire. Throughout all of human history people have organised themselves into hierarchies, with a centralized governing figure at the very top; be it God, the King or the latest President.
A lot of the Bitcoin and cryptocurrency movement is about personal freedom, personal responsibility, emancipation from centralized power – but I ask: just what makes you think that’s what people want?”
And more recent than that, following Lee’s CNBC interview, the cynics were quick to criticize Lee. All without any basis of an argument, only negativity and pessimism. One thing is sure, only a return to $20,000, and beyond, will be enough to satisfy the naysayers.

Tom Lee is here harvesting more crypto fools
— Jango Fett 916 (@jangofett916) May 14, 2019

Really Tom?
— BW (@abcdbandit2017) May 14, 2019

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Source: New

Facebook To Launch Crypto Payment System ‘Project Libra’, Seeking $1Billion Investment

Facebook Inc., is one of the top social networks which shows its interest in crypto and blockchain market. According to the latest report, Facebook is recruiting financial firms and online merchants to help it build cryptocurrency-based payment system.
Reports highlight that user with this payment system will be able to send digital coins and also they can make payments for purchase on Facebook as well as across the internet. Nevertheless, the social giant is reportedly raising about $1 billion which may possibly be raised from leading firms like Visa (NYSE: V), Mastercard (NYSE: MA) and First Data (NYSE: FDC). The payment service is dubbed as Project Libra and if the investment plans from these ventures go as structured, Facebook will possibly make crypto rolling in the larger landscape.
While encouraging the idea Facebook is bringing up, co-founder of Fundstrat Global, Thomas Lee compares its upcoming service with Bank and notes that ‘Facebook has a 100x opportunity. Lee on Twitter states that;
Image source – Twitter
Nevertheless to note that Facebook’s project brings a digital token which will be pegged to the U.S.Dollar. This digital coins can also be used by its own messaging app, WhatsApp to send money to one another. Moreover, one can also earn the fraction of this token if the user looks at Facebook’s advertisement.
“Payments and commerce are Facebook’s only way out from its freemium, advertisement business model,” said Henry Liu, a former Facebook employee.
Also read: Bitcoin’s Price Indicator Confirms Bull Run, Could Replicate 5700% Rise: Analyst
As soon as Facebook’s news hit the market, the total market cap rose higher – as such, Bitcoin sees an upsurge of 6.59% to trade at $5814 against US Dollar. Further, the positive effect can also be seen on other altcoins such as Ethereum, trading at $168.83 against the US dollar with influencing percent of 4.64. Nevertheless, XRP, Bitcoin Cash (BCH), Litecoin (LTC) and other altcoins are rising with 1.90%, 5.87%, 7.22% respectively.
Do you think big ventures help Facebook bring the digital coin to the social world.? Let us know in the comment below.
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Source: CoinGape

Thomas Lee Predicts Bitcoin Bull Run By Explaining Crypto Winter is Over

Although the market isn’t performing the all-time high figures, famous analyst, Thomas Lee believes this is the end of crypto winter. Nevertheless, he thinks ‘Bitcoin is back’ and predicts the next Bull Run by next year, 2020.
Crypto Winter is Over
In the latest talk with CNBC, Lee, who is the managing partner and head of research at Fundstart Global advisors reports that the BTC value going higher and assume that it is already in a bull market. He says;
“Last year was a terrible year for crypto, a massive bear market, and we published a piece this week just highlighting … 11 signs that historically only take place in a bull market. So I think the evidence is mounting that there’s a bull market,”
Nevertheless, in an earlier response to Barry Silbert’s tweet of Grayscale highest week fund, Lee says that the year 2019 is way better than 2018. He thinks that more and more institutional investors are hitting the crypto space which is yet another sign to bid higher on Bitcoin this year as compared to the bearish crypto sentiments in the past year.
Source: Twitter
He moreover hints to what he calls ’11 signs’ as the evidence to end of Crypto winter. Lee calculates it with the relation of bitcoin with blockchain, technical indicators, and trading volumes.
Bull to Begin Soon
January  – Lee present increasing trading volumes on the blockchain among countries like Venezuela and Turkey – in addition, their own cryptocurrencies being used as an alternative to bitcoin as first evidence. Adding that these two countries are somewhat closer to 30% of the increase in on-chain activity, he says ‘it is meaningful’. He goes on stating;
“People are saying, ‘Look, I don’t trust using these local currencies. I don’t trust the banks. I’m going to start using bitcoin.’ And that’s what’s causing the on-chain volume to really take off.”
April – He sees April as the second sign towards bull market – to note, this is the month when bitcoin kick-started wit $5000 figure again (consistently). He said that, in April, Bitcoin’s technical indicator showed it was closed above its 200 –day moving average and which is also uptick the rally.
Also Read: Jaguar Land Rover Implements IOTA Cryptocurrency in its Cars; MIOTA Surges by 17%
And the final sign that Lee says ‘Over-the-counter brokers’ wherein the involvement of more institutional investors in the crypto market can be seen. These people are generally the holders and not necessarily those traders who buy, sell and trade the assets. According to Lee’s Team survey,
“I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto holders,”
Adding other signs to his bitcoin bullish book, Lee says that bitcoin will climb even higher and thus the sign denotes the end of crypto winter. Moreover, talking about the S&P 500 in relation to Bitcoin, Lee believes the cryptocurrency’s standards deviation from the S&P 500. Meantime, he also highlights what could possibly be this time is ‘S&P 500’s big move influence the big move in Crypto’. In his words;
“One thing to keep in mind is whenever the S&P has made a big move, … it’s almost always led to a big move in crypto later in the year,” Lee said. “So I think … a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying that’s where it’s going to go, but that’s the magnitude of move that would be a catch-up.”
Do you agree with Lee’s prediction on Bitcoin.? Let us know in the comment below.
The post Thomas Lee Predicts Bitcoin Bull Run By Explaining Crypto Winter is Over appeared first on Coingape.
Source: CoinGape

Grayscale Reports Highest $20 Million Fund-Raising This Week; Is Institutional Investors Bullish on Crypto This Year?

Is bull really continued? Although the downtrend in the price of Bitcoin since late 2017 saw 74% decline, this seems to have very less effect on New-York based Grayscale Investment venture. According to CEO, Barry Silbert, the firm has raised over $20 million in the latest week which is reportedly the highest value since 2017.
Barry Silbert, CEO of Grayscale Investment took to Twitter on April 26, 2019, and adds that $20 million funds raised have quickly marked as the highest week since 2017.
BIG week for @GrayscaleInvest -> we raised over $20 million into the Grayscale family of funds, our highest week since 2017
Grayscale’s investment counts some of the hedge fund, family offices, pensions endowments, and high net-worth individuals. The upside-down move in terms of Bitcoin price in the year 2017, 2018 and then 2019 certainly affected and influenced the investment firm’s inflows.
Thomas Lee – Another Sign, 2019 is Better than 2018
Nevertheless, the bull signal of Bitcoin this year has led the increasing interest for crypto among investors. As Co-founder of Fundstrat Global, Thomas Lee expressed his opinion – this highest week fund is a clear sign behind the rising in institutional net buying. With this view, Mr.Lee notes ‘2019 is way better than 2018 for crypto’.
Source: Twitter
Nevertheless, Bitcoin begins the month of April with all new value after a long term – it began trading at more than $5000 against USD. The value recently jumped higher and hit the value over $5500, but at press time, the value seems unfavorable.
According to coinmarketcap, Bitcoin is now trading with a decline of 0.76 percent over the past 24 hours which eventually marked its value at $5248 against US Dollar. Moreover, in terms of market cap, the currency is still holding its ruling position and valuing the trading capitalization of $92,731,637,413.
Source: Coinmarketcap
As experts view more institutional investors are entering the crypto space for a while now, do you agree with the opinion.? Let us know your thought.
The post Grayscale Reports Highest $20 Million Fund-Raising This Week; Is Institutional Investors Bullish on Crypto This Year? appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC]: Fundstrat’s Co-founder explains why institutional investors are jumping ship to Bitcoin

Bitcoin is transitioning from being bearish to bullish, as emerging and risk markets rally to produce a tailwind for Bitcoin. Fundstrat’s Thomas Lee has been very vocal about his bullish opinions on Bitcoin. On April 12, Lee tweeted and compared Bitcoin’s correlation with emerging markets and the S&P 500. Lee tweeted,

1/ Risk markets globally have rallied YTD big time and this is a tailwind for #bitcoin $BTC. As noted previously, S&P 500 YTD is 2.5 std dev = ~ $14,000 for BTC
It’s curious that Bitcoin correlation is now negative to equities (next tweet)
From @fundstrat_ken latest piece
— Thomas Lee (@fundstrat) April 12, 2019

Lee said that the correlation between Bitcoin and S&P reached the lowest, i.e., -3,2%, while that with Gold hit the highest i.e., 12.6%. The chart attached above shows the correlation of various markets like the S&P 500, Gold, Oil market etc.
The report by Fundstrat elaborated on Bitcoin’s correlation, stating,
“Within major asset classes, Bitcoin is most correlated to Gold with a 90D correlation of 12.6%.In the past week, the largest change in correlation was S&P 500 (-15.7%).”
According to Lee, the disparity between S&P 500 and Bitcoin is with respect to luring investors to invest in Bitcoin, which offers much higher returns when compared to traditional markets. With reference to the Fundstrat report, Lee said that since S&P 500 has been less volatile and since its BTC correlation was turning negative, Bitcoin’s position in the mainstream market seemed to be solidifying. It further explained why institutional investors were showing interest in Bitcoin, he said.
Lee’s conclusion read,
“From page 9 of @fundstrat_ken report, BTC correlation to S&P 500 has turned negative. Couple that with low volatility everywhere and It partially explains why institutions have been buying crypto recently”
In one of his previous tweets, Lee had compared various factors which were acting as tailwinds for Bitcoin, further adding weight to Lee’s opinion about investors jumping ship from markets like the S&P 500 to Bitcoin.
Lee had stated,
“earlier this year, we noted the “macro” factors such as rally in risk assets plus USD no longer surging are tailwinds 4 $BTC #bitcoin”
Moreover, Lee also tweeted about Bitcoin’s Misery Index, according to which, Bitcoin had bottomed as it reached 89, its highest level to-date. He also claimed that the recent pump was the start of a bull rally.
The post Bitcoin [BTC]: Fundstrat’s Co-founder explains why institutional investors are jumping ship to Bitcoin appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin proponent says it’s ‘likely’ that Bitcoin’s bear market ended when it reached $3,000

Bitcoin’s sudden spike on April 02, 2019 has stirred up a lot of belief that the bull run for Bitcoin has already begun, however, some disagree and believe that it is yet to bottom. Fundstrat’s Thomas Lee tweeted his opinion which stated that Bitcoin has “likely” hit the bottom and it is on a bull run.
Lee tweeted:

The Bitcoin Misery Index reached 89 on 4/2. Highest reading since June 2016. Means good and bad.
Good–> Since 2011, BMI >67 only seen during $BTC bull markets. More evidence bull starting.
Bad –> BMI >67 after peak, $BTC falls ~25% = Profit taking ST.#bitcoinmiseryindex
— Thomas Lee (@fundstrat) April 11, 2019

In his tweet, Lee spoke about Bitcoin’s Misery Index, which measures the momentum of Bitcoin based on the trading activity and the price. BMI is the ratio of winning trades to total trades, and also takes into account the volatility into a daily score, which is measured on a scale of 0 to 100.
According to Lee, Bitcoin is “miserable” if the BMI is below 27, which means that Bitcoin has reached its lows and it would be a good buy signal. If the BMI is above 67, it is bad, as Bitcoin would be on a bull run and is closer to peaks, which would be a good sell signal.
Lee also mentioned that the BMI was at 89, which is an all-time high for Bitcoin since 2011 and it meant that Bitcoin had bottomed and the bull run had already begun.
With the above explanation, Lee said that Bitcoin’s bull run might have begun. He summed up his tweet saying:
“The main takeway is that BMI reaching 67 is further evidence the bear market for Bitcoin likely ended at $3,000”
Lee is well-known for his predictions on Bitcoin as he recently tweeted another bullish proof for Bitcoin. He said that Bitcoin had moved above the 200-day moving average, which was a bullish indicator for Bitcoin. Lee added that BTC’s ascent above the 200-day moving average had a higher win ratio in comparison to moving away from the 200-day moving average.
He tweeted:
Reminder that BTC generally generates all of its performance within 10D of any year.
–ex the top 10 days, BTC is down 25% annually since 2013”
@_Dumb_Genius, a Twitter user, commented:
“Interesting that BMI recently bottomed in April 18 and then rose but this did not signal actual cycle bottom, just a dead cat bounce followed by a false floor (6K), then capitulation in Nov/Dec 18 (which was still higher BMI than April 18). Is BMI capturing the right things?”
Lee replied:
“This is an index designed to measure sentiment, so it’s not really going to line up with price peaks and troughs”
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Source: AMB Crypto

Bitcoin Surpasses $5200 as Cryptocurrency Market Cap Touches $185 Billion

Bitcoin Surpasses $5200 as Cryptocurrency Market Cap Touches $185 Billion
Bitcoin seems to be cementing its position above $5000 levels while preparing for the next big bull run.
Bitcoin Surpasses $5200 as Cryptocurrency Market Cap Touches $185 Billion

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Source: CoinSpeaker

Bitcoin is in a ‘perfect storm’ for the rest of 2019 to perform a bullish move

Bitcoin’s collapse from its 2017 high is still continuing. There have been people who said that Bitcoin had bottomed and others who concluded that Bitcoin was yet to bottom.
It is impossible to predict the bottom of Bitcoin, however, it can be seen that Bitcoin has had some improvements in the macro scale as compared to its situation in 2018.
Brendan Bernstein, a Twitter user, pointed out a couple of these factors that were helping Bitcoin, directly or indirectly.

Theres a perfect storm for BTC right now
– Democratic socialism– MMT (Modern monopoly money theory)– QE infinity– 10k boomers retiring daily (entitlements skyrocketing)– 2020 election– US interest expense > tax receipts by 2022– BTC halving in 2020
Never been more bullish
— Brendan Bernstein (@BMBernstein) March 29, 2019

Fundstrat’s Thomas Lee aka Tom Lee, a Bitcoin bull and an enthusiast, commented on the tweet. He agreed with Bernstein and added that there were definitely a number of macro factors acting as tailwinds for Bitcoin. He also mentioned that a couple of these tailwinds were acting as headwinds for Bitcoin in 2018.
In addition, Lee posted an image which detailed a list of factors which were a hindrance to Bitcoin’s growth, but have now transformed into a helping factor for Bitcoin.
Source: Twitter | Thomas Lee
Some of these factors included the US Dollar, EM, and Bitcoin Technicals, among others. The US Dollar, according to Lee, will weaken over the course of 2019 due to various reasons like QE by the Fed, and debt reaching an all-time high. Emerging Market [EM] was a headwind in 2018 and is now starting to act as a tailwind for Bitcoin as EMs are outperforming equities.
The technicals for Bitcoin, particularly the 200-day moving average, is currently acting as a support for Bitcoin’s prices. According to Lee, the price of Bitcoin will support the 200-day moving average and push for a bull run.
Other factors included the overall development in the crypto and the blockchain community, like the adoption of the Lightning Network, which would help Bitcoin scale successfully. Clarity regarding regulatory framework around cryptocurrencies and the entry of institutional investors into crypto could also trigger the bull run.
A Twitter user, @bitcoinpassada, commented:
“It’s honestly not even a question any more. 100k is gonna look cheap for a lot of people within a few more years.”
@tradeslower, another Twitter user, commented:
“Not to mention macro ie recession risk into 2021. QE has created alpha addiction/expectation like no other per equities. When that music stops where does liquidity turn to? Pension crisis? Bitcoin allocations…?”
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Source: AMB Crypto