The popular cryptocurrency bull Tom Lee is again bullish and featured in the latest cryptocurrency news. Since peaking at $13,900 in June, the most dominant cryptocurrency has fallen by 25% which caused a lot of negative vibes in the market and among analysts.
However, bulls like Tom Lee have always been bullish – contradictory to cynics of the cryptocurrency markets such as the gold proponent Peter Schiff. Thomas Lee of Fundstrat Global Advisors recently reassured investors in this market that there are number of catalysts on the table which may drive Bitcoin up for fresh all-time highs.
According to Tom Lee, these are some of the key potential market factors which he mentioned in an interview with the CNBC “Fast Money” show.
“Bitcoin has fallen 12% from its June peak, and @Fundstrat
‘s Tom Lee says one unexpected thing could propel its next move higher,” the tweet reads.
Tom Lee is again bullish on Bitcoin. It all started when he first touched on the fact that institutions continue to have a growing effect on the cryptocurrency markets. This, according to him, is what will cause Bitcoin’s price to appreciate.
Lee cited Bakkt as a sign that, as Brian Kelly of the Fast Money panel says, “the institutional herd is coming.” What’s interesting is that the ICE-backed cryptocurrency platform is reported by Fundstrat to have a “critical mass” of institutions ready to adopt Bakkt’s Bitcoin futures at launch on September 23rd.
The Fundstrat analyst Sam Doctor earlier this year revealed that the exchange is going to give institutions on the edge about cryptocurrency the final push to actually begin investing in Bitcoin. While Tom Lee is again bullish on Bitcoin, the firm’s launch is not the only sign that institutions are slowly injecting some capital into cryptocurrency.
As reported by many best cryptocurrency news sites, the TIE recently said that one of their social media indicators has been exhibiting an odd trend, showing no signs of growth as Bitcoin’s value has exploded this year. This, according to the analytics firm, is a clear sign that retail investors are not as influential as they were in 2017.
What’s important at the end of the day is that Tom Lee is again bullish on Bitcoin. The Funstrat co-founder looked to the recovery that the S&P 500 and other equities indices have had after this summer’s trade spat between US and China.
Meanwhile, the altcoin news also show a correlation to Bitcoin’s fresh increase and new greens on the market.
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