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Tom Lee: Bitcoin return to $ 8,000 - a sign of the "crypto winter" ending

Tom-Lee-Bitcoin-return-to--8000 Tom Lee | Co-founder of Fundstrat Global Advisors

Well-known cryptocurrency enthusiast Tom Lee expressed the opinion that the return of Bitcoin to $ 8,000 after falling to $ 6,400 is a clear sign of the end of a "cryptocurrency winter".

Tom Lee immediately presented 13 reasons for the end of the bear market, and one of the main reasons he called the return of Bitcoin to $ 8,000. According to the co-founder of Fundstrat Global Advisors, this confirms the bullish trend in the cryptocurrency market.

Tom Lee also noted an increase in the number of daily transactions on the Bitcoin network. He did not fail to emphasize the fact that the "Bitcoin misfortune index" reached 67, and this has not happened since August 2017. In addition, in the beginning of May, so-called "bull crosses" appeared on the Bitcoin price chart, when the 200-day moving average crosses upward lines with a shorter period.


A cryptocurrency enthusiast stressed that an increase in over-the-counter trading is also a sign of a growing market. Over-the-counter trading platforms mark an increase in the activity of new customers by 60-70% as compared to the indicators four months ago.


The recent news that stablecoin Tether provided with fiat funds by only three-quarters, and Bitfinex lost significant funds, taken rather calmly by the market. According to Tom Lee, this means that the market is growing and becoming less volatile.


Note that at the time of publication, the Bitcoin rate slightly declined and the first cryptocurrency is trading at around $ 7,850.


In late April, Tom Lee warned that a new bullish trend had begun in the cryptocurrency market. 

SOURCE

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