Managing partner of Fundstrat Global Advisor and cryptocurrency enthusiast Tom Lee believes that after the recent strong growth of the bitcoin exchange rate, the market has again begun to be dominated by “bulls”.
Last Saturday, the rate of the first cryptocurrency increased by 30%, showing a record growth over the past few years. The price of bitcoin even exceeded $10,000. Now trading is at $9,400, but, according to Tom Lee, the rate may soon go up again.
“There have been a lot of signals over the past few days: China’s friendly policy, new tops in the S&P index, the bitcoin misery index (BMI) pushed off from 36 and went up, a strong appreciation on Saturday. The bull market has resumed,” he said
Tom Lee on the social network Twitter.
Note that the effect of statements
the Chinese government is not directly related to bitcoin, but it has a positive impact on the blockchain industry. However, some believe that China did not affect the price of bitcoin in any way.
“The sharp rise in bitcoin most likely has nothing to do with China or fundamentals. I clearly see the manipulation of the market by large players who want to make a profit. With growth in a technically weak market, they will be able to sell bitcoin at an inflated price,” he said
cryptocurrency skeptic Peter Schiff, who recently admitted
advantages of bitcoin over the us dollar.
At the beginning of the month, Tom Lee said that there are both technical reasons that prevent institutional investors from entering the cryptocurrency market, and infrastructure reasons. At the same time, one of the main reasons is the volume of the market.