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Tom Lee: the bullish mood has returned to the cryptocurrency market

Wednesday, 30 October 2019

Fundstrat Global Advisor Managing Partner and cryptocurrency enthusiast Tom Lee believes that after the recent strong growth in Bitcoin, the bulls have again begun to dominate the market.

Last Saturday, the rate of the first cryptocurrency grew by 30%, showing a record growth over the past few years. The price of Bitcoin even exceeded $ 10,000. Now trading is at around $ 9,400, but according to Tom Lee, in the near future the rate may again go up.

"A lot of 'signal' past few days in crypto and #bitcoin … Interim 'risk-off' ended, and bull market resumes,"
said Tom Lee on Twitter.

A lot of ‘signal’ past few days in crypto and #bitcoin

- China (friendly policy)

- New ATH S&P 500 (positive)

- Bitcoin Misery Index bottomed 10/24 at 36 and rebounding (positive)

- Massive price gain on $BTC friday (signal)

Interim ‘risk-off’ ended, and bull market resumes.
— Thomas Lee (@fundstrat) October 28, 2019

Note that the effect of the statements of the Chinese authorities does not apply directly to Bitcoin, but it positively affects the blockchain industry. However, some believe that China did not affect the price of Bitcoin.

"Bitcoin's recent sharp rally likely had nothing to do with China, or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices," said cryptocurrency skeptic Peter Schiff, who recently recognized the advantages of bitcoin over the US dollar.

Earlier this month, Tom Lee said that there are both technical reasons that prevent institutional investors from entering the cryptocurrency market, as well as infrastructural ones. Moreover, one of the main reasons is the size of the market.