Tom Lee of Fundstrat: "Bitcoin will experience an imminent uptrend"
Convinced that the price of Bitcoin will rise after the decline in recent times, the analyst Tom Lee announces that this cryptocurrency gradually resume market share.
"Bitcoin is not broken"
Speaking to CNBC on the "Fast Money" channel, Head of Research at Fundstrat Tom Lee said:
"The SEC's claim that Bitcoin is a commodity is an incentive for investors to decide that Bitcoin is the best value storage in a difficult market. "After reaching a record high of $ 20,000 last December and a minimum of $ 2,900 in August 2017, the first digital currency in terms of market capitalization fell below $ 6,000 at the end of June . It then dropped to around $ 8,400 last month before plunging to $ 7,000, and is $ 6,490 at the time of writing this report.
Commenting on price fluctuations, Lee announced:
"Bitcoin is not broken if it stays at these levels. I think people are worried that he will go down to $ 6,000 and never come back from those bear markets. "During the month of June, the US Securities and Exchange Commission referred to BTCs as a commodity. Crypto-currencies will not be treated as securities, which will also give some idea of how to proceed with their regulations.
Recent news will have a positive effect on the price of the BTC
We are witnessing an unprecedented epidemic of partnerships between companies with diverse horizons and digital currency companies. A long-term adoption is already being felt within the industry, and bodes for an upward trend in crypto-markets. Over the past two weeks, the value of the BTC market has reached historic highs, at 48% throughout 2018."I think Bitcoin's dominance shows that the market is responding to what's going on," said Lee.Analysts predict a price of up to $ 9,200 very soon . "Great strategist Lee said that new opportunities will emerge in the cryptocurrency market. The price of the BTC will increase until it reaches $ 25,000 , he also said. Bitcoin will witness a historic record soon , given the current speculation on ETFs and other industry - friendly news.
What do you think of Tom Lee's predictions that Bitcoin will see an imminent uptrend? Is this the right time to invest in the flagship cryptocurrency? Comment in the comments section below.
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