Fundstrat’s Tom Lee has always been a bit of a Bitcoin bull and he still seems to hold that sentiment. In a CNBC Futures Now show released recently, the Bitcoin permabull explained why he is still bullish on cryptocurrencies and why he expects Bitcoin to see new highs in the coming 20 months.
Lee explained that there are eleven signs that only take place in crypto bull markets. Some of these, he explained, have already shown their faces. The analyst looks to on-chain transactional volumes, which have allegedly turned positive on a year-over-year basis. And with Bitcoin crossing over its big technical obstacle, the 200 days moving positive and a golden cross was formed just days later.
“We surveyed OTC brokers, who are really important in facilitating institutional investors, and they’ve all talked about a 60% to 70% increase in activity/number of clients and trading volume per client. Fundamentals are improving; technicals are improving, and activity by HODLers too.”
As Lee says, these are signs that Bitcoin could start to go into a state of ‘spring’ after what was a brutal crypto winter. He finishes off saying that by 2020, BTC is likely to see new-time highs at long last.
Lee has highlighted in the past that the “old whale wallets are buying Bitcoin” as “a lot of positive things take place” in the crypto space is a good sign that $14,000 is realistic for Bitcoin.
As reported by Ethereum World News, Lee adds that:
“The MSCI Emerging Markets Index, pulled down BTC over 2018. More specifically, this specific index fell by 27% over 2018, as Bitcoin lost 70%. But with Fundstrat predicting emerging markets to outperform U.S. equities over 2019 and considering the seeming correlation, Lee wrote that if BTC “catches up” to macro markets, it could reach as high as $10,000 or $20,000.”