Tom Lee: "We may see the return of the bull market in Bitcoin around August of this year"
According to Tom Lee of Fundstrat Global Advisors, the bitcoin bull is still coming.
It's just a little later than most would have liked.
Including himself.
Lee infamously called for $25k bitcoin for most of 2018, even up to about November, when bitcoin was trading for $6k at that time.
Once things fell apart he went quiet for a while...
However, he was on CNBC the other day saying that he thinks the bull market for bitcoin is still coming, it's just taking longer than we had anticipated.
According to Tom, he thinks that by August of this year, the technicals will set up in a way that bitcoin will no longer "technically" be in a bear market.
It will be above it's 200 week moving average and other technical indicators will likely have flipped by then as well.
At that point it may start to get fun again.
However, from now until August it will mostly be about repair, according to Tom.
Over the coming months, Tom expects bitcoin to mostly slowly climb higher and take back that $6k number by August.
A very significant number on the charts according to Tom.
Once that damage is repaired it will be time to start grinding higher and the bull will be back in full force!
More on his thoughts can be seen here:
Stay informed my friends.
Image Source:
-Doc
😂🤣😂These "experts" are amazing..
They know all.....
And nothing at all...
Have a beautiful Sunday
Tom
Posted using Partiko Android
Yep, it's true. Tom Lee actually has a very good track record with equities, one of the best actually. It's surprising he has been off so far in crypto. Just goes to show how hard it is to time things in any market.
🐂🐂🐂
Year of the bull.
What els can’t he say ? Lol
Eventually he will be right, just has to keep saying things.
Im glad that we understand each-other.
His latest thoughts are pretty interesting. Says that bitcoin is about to play catch up to other risky assets...
I am glad he got it wrong last year, I am buying every month a bit so this is really bringing my average price down
That is a great way to look at it. I have been able to get more than I had originally as well.
It's good that at least one man knows exactly what the market will do. Lol.
Yea, he's been wrong more than he's been right so far with crypto. Though he is actually one of the best out there with equities. It's been surprising he hasn't done better with his crypto analysis. I think he will be proven right eventually, just always tough to time things.
So it means that the bear market will extend up to August and beyond.
No. It means that technically the bear market will end before August and prices likely start going up again shortly after August.
He is finally back! I still like what he says and given his experiences with other early adoption technologies like mobile phones and dotcom, I can still take his thoughts into consideration.
Posted using Partiko iOS
Yep. He has a very good track record with equities as well. Very good macro guy. He backs up his thoughts with science, sometimes it doesn't work out but at least he has a reason why he thinks what he does.
25000 is too low for the next leg up. It’s 100k+
Posted using Partiko iOS
I agree with you. I think the next bull market will peak anywhere from $40k all the way up to $100k or so. Anywhere in there.
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Thanks.
The great thing about these predictions is the word "may." Just about anything "may" happen over time. Bitcoin could moon or it could crash, or it could just bounce around. Tom Lee may be right this time, or he may be wrong again :-)
You may be right about this!