Tom Lee, co-founder and chief financial analyst at Fundstrat Global Advisors, said in an interview with CNBC that the Bitcoin trend would change to bullish in August of this year.
Despite the fact that in December last year, Lee promised no longer to make predictions about the prospects for the cryptocurrency market. The market still could not resist and said that after 5-6 months, there should be a reversal of market trends.
"I think 2019 is the year of Bitcoin recovery. Now the risks on the world markets have greatly increased and this is a positive factor for Bitcoin and cryptocurrency in general. I also want to note that the dollar does not grow as it did in 2018, which also adds points to cryptocurrency. In addition, if you look at the technical indicator DMA200 (200-day moving average), we will see that if Bitcoin stays at $ 4,000 until August of this year, then its trend will change to bullish, and we will see strong growth, "explained Lee.
He also mentioned a few positive fundamental events for cryptocurrency. This is the launch of stablecoins by leading global financial institutions, such as JP Morgan and Mizuho, as well as the growing popularity of cryptocurrencies in problem countries such as Venezuela.
Lee believes that all these events can raise public awareness about digital currencies, which will make humanity a step closer to the mass adoption of cryptocurrencies. According to Lee, the evolution of money is confidently moving towards accepting cryptocurrency as an official asset class.