Tom Lee: Bitcoin Bull Run In August

Tom Lee: Bitcoin Bull Run In August

The well known Tom Lee, from Fundstrat, has often got a lot of comments to say about Bitcoin, usually bullish remarks and he has recently offered a prediction for when the next bull run will take off.

In an interview with CNBC’s Futures Now, the co-founder said a bull run could potentially occur in the next six months, saying that it is likely. In fact, he actually put a time on it too, predicting that the bull run would happen in August although he wasn’t strict on this estimate.

“The key number to watch is the 200-day moving average…Bitcoin’s bouncing along that. If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”

Lee has previously talked on CNBC previously said on the show that “investors are still recovering from that collapse in markets…many got very defensive.”

In addition to this, Lee said that the use of Bitcoin is growing and cited that Venezuela is seeing an increase in the use of cryptocurrencies.

The topic of conversation turned to JP Morgan Chase and how they are getting ready to release their own token dubbed the JPM Coin. Lee said, “I think things like JPMorgan Coin and Facebook Coin are really sort of creating use cases and, actually, I think some credibility. JPMorgan’s coin is essentially a stablecoin. I think it’s not a threat to bitcoin.”

Lee was then asked about what makes him feel bullish on Bitcoin’s prospects saying:

“I think the real story for bitcoin’s and cryptocurrencies future is whether or not it’s going to become an asset class…as an asset class, it’s still the earliest days. [Following the Bitcoin Cash hard fork] Bitcoin is going to spend a lot of time in the low 6000s fixing itself.”

Lee is clearly a big bull when it comes to cryptocurrency but despite his optimistic views, Fundstrat has warned investors that the market could sink to a new low before it hits back and makes gains.

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