Bitcoin permabull and Fundstrat Global Advisors' chief analyst, Tom Lee, have again expressed their bullishness in the future of the short-term cryptocurrency. Unlike the predictions from his previous year, this time he seems to be protecting his positivity from conditions.
Tom Lee Back At It, Hesitant
In April 2018, Tom Lee of Fundstrat said that Bitcoin's price would be $ 25,000 by the end of the year. However, on December 31, 2018, the cryptocurrency was trading at around $ 3,700 – about 85 percent below Lee's target price.
Speak up CNBC & # 39; s Futures now, Lee seems to have maintained his positivity on Bitcoin, despite his previously failed predictions.
The analyst thinks that 2019 will be a "year of recovery". This time he is apparently much more careful and conservative with his price targets. Lee pointed out that it is very important for bitcoin prizes 00 to repair the damaged damage during the fork war between Bitcoin Cash and Bitcoin Cash SV.
I think the damage that really needs to be repaired is the collapse from $ 6,000 to $ 3,100, which came after the fork wars with Bitcoin Cash. […] I think it really undermined investor confidence in some kind of market dynamics, so I think bitcoin is going to spend a lot of time under the $ 6,000 kind of self-recovery.
According to the specialist, "outside of five or six months before bitcoin starts to look technically like it is back in a bull market."
But there is a catch. To ensure that Bitcoin exceeds the 200-day moving average in that period, it must maintain its current trading price at around $ 4000, suggesting that a serious dip could throw down Lee's forecast.
& # 39; Bitcoin becomes very useful & # 39;
Lee indicated that Bitcoin's technicals are beginning to show stabilization, because the cryptocurrency "moves" over the 200-weekly moving average.
However, Lee claims that there is a larger image to keep in mind.
The real story is the fundamental that Bitcoin becomes pretty useful. […] We have seen the launch of digital currencies, not just by J.P. Morgan and Mizuho Bank, but also through Facebook and a number of social media companies that are preparing. And of course, in places such as Venezuela, where bitcoin & # 39; s become very large and widely used, unrest causes an increase in acceptance. So I think these are really getting ready for a strong … year.
Although JPM announced the stablecoin "JPM Coin" earlier in February, it has since received considerable criticism, with industry advocates, such as Abra & # 39; s CEO, calling it "nonsense."
When asked whether new cryptocurrencies issued by selection agencies such as Facebook and JPMorgan Chase would take investors' attention away from Bitcoin, he answered:
In a world where today there are 50 million active portfolios and 5 billion Visa cardholders, the cryptomarket can simply grow through adoption.
It is not the first time that Lee has taken out the adoption card. However, data from Blockchain.com shows the number Blockchain Portfolios is currently around 34 million. Although this number has been steadily increasing, it is still not close to 50 million.
What do you think about Tom Lee's current position on Bitcoin? Do not hesitate to let us know in the comments below!
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