Tom Lee returns to launch bitcoin bullish projections for 2019
Since Bitcoin reached its historic high of almost $ 20,000 at the end of 2017, it has not witnessed another favorable market for bulls. On the contrary, 2018 was marked by the constant drops in the price of the cryptocurrency, of which it has not yet recovered. As a result, many have lost faith in the digital asset, but Bitcoin enthusiast Tom Lee remains optimistic.
Tom Lee, a strategist at Fundstrat Global Advisors, is a well-known cryptocurrency enthusiast who has become famous in the cryptographic community for his predictions, many of which have been wrong, but are always quite optimistic about the price of assets.
This time, the market analyst has spoken again about a possible recovery of the digital asset. However, in this opportunity he assures that macroeconomic trends are in his favor.
“We have a risk rally in global markets that is positive for Bitcoin; It was a headwind last year. And the dollar is not going up as it was last year. That’s a headwind that’s gone, “he said in an interview for CNBC.
In addition, he assured that the tendency of other large companies to create their own cryptocurrencies was also great news for the entire industry, since it indicates a greater adoption of the technology.
“We have seen the launch of digital currencies not only by JP Morgan and Mizuho Bank, but also by Facebook and some social media companies that are preparing. And, of course, in places like Venezuela, where Bitcoins become very large and widely used, turmoil is causing adoption growth. So I think they are really preparing for a strong year. “
He also made some recommendations to BTC buyers, explaining that it is crucial to monitor the mobile price of the cryptocurrency until the 200-day deadline. If at the end of the stipulated time, which will be mid-August, is still around $ 4,000, then it could indicate that it is beginning to recover the lost ground.
However, although he believes that in 2019 BTC could begin to perceive better results, this time he was more prudent with his forecast and admitted that there is still a long way to go before the asset recovers at all.
“I think it really undermined investor confidence in a kind of market-wide dynamic, so I think Bitcoins are going to spend a lot less than $ 6,000.”
“I think the outside window is five or six months before Bitcoin starts looking technically like it’s back in a bull market,” Lee continued.
As many of its forecasts have not been fulfilled, much of the cryptographic community has stopped believing in Lee’s word. However, this time, with more reasonable predictions, the projections of this Bitcoin enthusiast may be very close to what will happen. But, as usual, only time will tell who was right.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.