Fundstrat Global Advisors co-founder Thomas Lee said that Bitcoin (BTC) is back in a bullish trend during an interview with Bloomberg published on April 5.
During the interview, Lee pointed out that Bitcoin’s critics declared the cryptocurrency dead because it lost 90% of its value. However, it has now broken over its 200-day-moving-average, which is why he thinks sentiment has to change and that BTC is currently in a bull market. Lee noted that a tailwind for Bitcoin formed this year because the dollar wasn’t strengthening and China’s equity multiplier has been growing.
Lee also noted that there is evidence that the so-called whales — investors who hold great quantities of cryptocurrency — have started accumulating more crypto once again. He said:
“A lot of them sold, in early 2018, that’s dry powder, they’re starting to put that to work.”
As reported in March, Thomas Lee previously told CNBC that he thinks a bull mark could return within six months, noting the indicator to keep an eye on is 200-day-moving-average.
In February, Lee’s New York-based research company Fundstrat Global Advisors released its 2019 crypto outlook in which analysts describe incremental improvements that will purportedly support higher prices for cryptocurrencies.
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