We have all witnessed a major fall in the most dominant cryptocurrency, which slid from $13,000 to $9,800 in a matter of days. However, despite that recent fall from last week, experts believe that Bitcoin is still “wildly bullish” and can trigger a new bullish run.
While it is true that the Bitcoin and altcoin news lately are all about minuses and red flags, the essential supports in the long run show that this is only an exception to the general rule of new all-time highs – or a shadow in the long-term candles as analysts describe it. It could also serve to provide further stability to trends.
One of the analysts who think that Bitcoin is still bullish and will be a hot topic on many best cryptocurrency news sites this year is Tom Lee. In a recent tweet, Lee noted that the bullish sentiment in the Bitcoin markets managed to strengthen – despite the comments from the US President Donald Trump and the explanation on them by the US Treasury Secretary Steve Mnuchin.
“Bitcoin seems comfortable with statements made by #Mnuchin regarding Crypto and KYC/AML. White House wants fair ground rules but does not seem intent on further action at this time. $BTC rise shows market comfortable with this,” Lee noted.
Bitcoin seems comfortable with statements made by #Mnuchin regarding Crypto and KYC/AML.
– White House wants fair ground rules but does not seem intent on further action at this time.
– $BTC rise shows market comfortable with this
Cc: @stevenmnuchin1 pic.twitter.com/muHV1RFoxK
— Thomas Lee (@fundstrat) July 15, 2019
As we can see, Lee thinks that Bitcoin is still bullish and bases his reasons on the fact that the White House gave Bitcoin some notoriety even though it showed no interest in taking immediate action that could damage trading.
He was also featured in the coming altcoin news for his statement about the recent pullback and how it is a product of the natural behavior of the market – which is more important and stable than a trend driven by FOMO.
Aside from Lee, another analyst who shares the same opinion is the CIO of Ikigai Fund, Travis Kling. He believes that Bitcoin is still in a good zone and considers it as “wildly bullish” that big institutions (like Trump’s office) recognized the importance of Bitcoin and its differences against Libra.
“The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value. Both of them, along with the President, agree that Libra and Bitcoin are two very different things. Wildly bullish,” Kling said in a tweet.
The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value.
Both of them, along with the President, agree that Libra and Bitcoin are two very different things.
Wildly bullish.
— Travis Kling (@Travis_Kling) July 15, 2019
Meanwhile, Bitcoin seems to be recovering and coming close to the $11,000 mark as we speak.
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