Bitcoin will gona spend a lot time below 6,000 USD to fix itself and it might take 5-6 months. After 5-6 months it will look like it is back in the bull market. Head of research at Fundstrat Global Advisor and one of the most famous Bitcoin bull Tom Lee said.
In interview with CNBC he said “2019 will be a year about Bitcoin repair” and added that “We have a great risk in global market’s which is positive for Bitcoin as it was headwind last year and the dollar is also not surging like it was last year. That’s a headwind which has gone away.”
He believes that there will be price boost as both traditional financial institutions as well as other social networks are showing for crypto assets.
He said “We all have seen the launch of digital currencies by not only Mizuho Bank and JPMorgan but also Facebook and other social media firms are gearing up and in places like Venezuela where Bitcoin is widely used and turmoil is making the adoption growth. So I think these all are setting up for a strong year for sure”
But we cannot tell that where the price is heading as the secret clearly lies in 200-day moving averages. The moving averages are the calculations of the closing prices of the asset over a time and if the Bitcoin keeps the current trading price below 4,000 USD it will surely cross 200-day by the end of August,2019- Lee Believe.
The main and major damage was dealt in the Bitcoin Cash fork wars when the whole market was collapsed in Mid-November, 2018.
According to Outlook report for cryptocurrency market 2019 which was published by Fundstrat in February the firm admitted that 2018 was undoubtedly a disappointing year for crypto and added in 2019 a visible recovery of Bitcoin is expected in market.
Video of Tom Lee interview in Instanbul Summit Below !!!
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Source of Information: Cryptonews.com
Source of Video: Crypto Market News Official Youtube Channel ( https://www.youtube.com/channel/UC62xYL7JHnGa-kZUI9h7Vcw )
