Fundstrat’s Analyst Tom Lee Says Bitcoin’s Price Spike Signals Huge Bull Run
Fundstrat Global’s co-founder Thomas Lee believes that the last price action experienced by the famous virtual currency was a huge bull signal for the market. Yesterday July the 17th, Bitcoin has seen an important price surge in a very short period of time. The cryptocurrency moved from $6,700 to $7,400 dollars in just an hour.
Bitcoin (BTC) has been traded between $6,000 and $6,700 during the last month, a price that did not seem bullish at all. Indeed, some individuals were waiting for a bigger drop than the one we have seen during this year.
Most of the virtual currencies have been in a bear trend since December 2017, January 2018. So this price surge seems to be very promising for most cryptocurrency supporters and enthusiasts.
Thomas Lee, which is a recognized permabull in the crypto community, said that this price surge is a very bullish signal.
During a conversation with CNBC’s Fast Money, he explained that there were some TA tools that were showing a positive trend in the market.
“Over the weekend there were quite a lot of folks who were talking about TA and the potential formation of either an inverse head or shoulders or a Wyckoff buy so it sounds like the technical were really starting to become more favourable.”
Of course, the technical analysis has been combined with very positive news in the crypto world. We can mention the financial giant MasterCard, which announced that it wants to process cryptocurrency payments with its credit and / or debit cards.
But Mr. Lee is not the only important figure in the crypto world that is bullish on the future of the cryptocurrency space. The hedge fund billionaire Marc Lasry, said that Bitcoin (BTC) could reach $40,000 dollars in the next years.
During an interview on Wednesday July the 18th with CNBC’s Squawk Box, Lasry noted that he could see Bitcoin reaching new all time highs being traded around $40,000 dollars. According to him, once Bitcoin will gain more adoption it will become easier to trade and the price will grow.
“You are hoping that as it gets more into the mainstream and as more markets allow it to trade where it’s freely tradable, to me, that’s more the market bet. I think then you will start seeing the price of it as it’s easier for people to buy. I think then you will have something that will end up being somewhere around $20,000 – $40,000.”
At the moment of writing, Bitcoin is being traded just above $7,400 and has a market capitalization of $127 billion dollars.