Fundstrat Global Advisors co-founder Thomas Lee said that Bitcoin (BTC) is back in a bullish trend during an interview with Bloomberg published on April 5.
During the interview, Lee pointed out that Bitcoin’s critics declared the cryptocurrency dead because it lost 90% of its value. However, it has now broken over its 200-day-moving-average, which is why he thinks sentiment has to change and that BTC is currently in a bull market. Lee noted that a tailwind for Bitcoin formed this year because the dollar wasn’t strengthening and China’s equity multiplier has been growing.
Lee also noted that there is evidence that the so-called whales — investors who hold great quantities of cryptocurrency — have started accumulating more crypto once again. He said:
“A lot of them sold, in early 2018, that’s dry powder, they’re starting to put that to work.”
As Cointelegraph reported in March, Thomas Lee previously told CNBC that he thinks a bull mark could return within six months, noting the indicator to keep an eye on is 200-day-moving-average.
In February, Lee’s New York-based research company Fundstrat Global Advisors released its 2019 crypto outlook in which analysts describe incremental improvements that will purportedly support higher prices for cryptocurrencies.
This post was originally published on www.cointelegraph.com