Bitcoin Is Entering A New Bullish Trend Says Fundstrat Global Advisors Thomas Lee

Bitcoin Is A New Bullish Trend Says Fundstrat Global Advisors Thomas Lee

Fundstrat Global Advisors’ co-founder Thomas Lee says that Bitcoin (BTC) started a new bullish trend. He said that during an interview with Bloomberg a few days ago. Lee has usually been very positive about the future of the market and Bitcoin in particular. Now that Bitcoin has surpassed $5,000 after four and a half months, Lee has turned bullish once again.

Thomas Lee Bullish About Bitcoin’s Future

During the interview, Lee explained that there were several critics that declared that Bitcoin was dead because it lost more than 80% of its value since its all-time high in December 2017. Nonetheless, the digital asset was able to broke over the 200-day-moving-average. This is why he believes that the sentiment in the space has changed during the last weeks and why Bitcoin is now in a new bull market.

According to Mr. Lee, Bitcoin received support from the fact that the US dollar is not strengthening and that China’s equity multiplier has been also growing at very fast rates. Lee has also explained that there are large whales and investors that are starting accumulating large sums of Bitcoin and other virtual currencies.

Some of these investors were able to sell Bitcoin earlier in 2018 when the digital asset was above $10,000. At the same time, Lee mentioned in a recent conversation with CNBC that the market could start growing again and that it is in a new bull trend.

The virtual currency has been traded in a bear market since January 2018 and its price reached a bottom back in December 2018. Each BTC was traded for $3,200 at that time. Since that moment, Bitcoin has grown almost 70%, which is very promising for the whole market.

Peter Brandt, a recognized trader in the market has also mentioned that Bitcoin could enter a new parabolic phase in the near future.

Either from Dec '18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if $BTC enters a new parabolic phase. $btcusd pic.twitter.com/XV89Qz7P4n

— Peter Brandt (@PeterLBrandt) April 5, 2019

At the time of writing, Bitcoin is being traded above $5,000 and it has a market capitalization of $88.5 billion.