Fundstrat Global Advisors Co-Founder Thomas Lee: Bitcoin Is Back in a Bullish Trend

Fundstrat Global Advisors co-founder Thomas Lee said that Bitcoin is back in a bullish trend.

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.

From Cointelegraph.com News https://cointelegraph.com/news/fundstrat-global-advisors-co-founder-thomas-lee-bitcoin-is-back-in-a-bullish-trend