There is no doubt that Bitcoin is in the latest cryptocurrency news as the most dominant coin. Since the beginning of this month, BTC has almost doubled and Tom Lee thinks that the recent rallies prove that the crypto winter is finally over. As the ice appears to have melted, many industry analysts are convinced that it is now definitely over.
The Fundstrat Global Advisors’ Bitcoin bull Thomas Lee was featured on many best cryptocurrency news sites after tweeting his thirteen reasons why the crypto winter is now over. Tom Lee also stated what he described as a ‘disturbing pullback to $6,200’ and how the return to $8,000 for Bitcoin was confirmation that the trend is intact.
While some of the reasons that Lee shared have more weight than others, he also said that the Bitcoin Cash was has had a lot of effect on the Bitcoin price over the winter. Next, he observed Grayscale’s Bitcoin Trust which NAV premium fell to 5% in 2017 but has since surged by 41%.
Over the counter volumes (OTC) have also started surging and a lot of brokers are reporting new client activity which shows a 60% to 70% more positive activity compared to levels from four months ago. There was also speculation that US President Trump’s escalated trade war with China spurred buyers into loading up on Bitcoin as a safe store of value.
Tom Lee believes that the ‘golden cross’ in late April was a major technical indicator that the trend has reversed. The altcoin news showed a positive action too – following the Binance hack which confirmed major confidence in crypto markets. Finally, this month’s Consensys crypto conference proved that the crypto winter is over – as Tom Lee said.
After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
— Thomas Lee (@fundstrat) May 19, 2019
While referencing to the past week performance and the massive candle with surges of 13% and upwards (for Bitcoin alone), Tom Lee also added:
“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”
Right now, Bitcoin looks like it is retracing below $8,000. However, this may be a short correction before a new upswing. Its dominance now sits at 57% and the total market cap is $244 billion.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]