Head of Research at Fundstrat and prominent Bitcoin bull Tom Lee has affirmed that the crypto winter is already behind us and new all-time highs are to be expected latest by 2020. He stated this in an interview on CNBC’s Futures.
Bitcoin has suffered a terrible 2018 and 2019 has marked the start of a new season for the cryptocurrency market according to Tom Lee and the future seems better. He said more Over the Counter traders are springing up and that is a positive development for Bitcoin as well as other crypto assets.
He also added that the failing financial system in several countries is also driving people to consider using cryptocurrencies which is also a major boost for Bitcoin and accounts largely for the persistent growth being recorded by the lead cryptocurrency.
Asked on how altcoins correlate with the growth recorded by Bitcoin, Lee said although Ripple’s XRP is currently negatively correlated with the recovery, altcoins typically follow in the tracks of Bitcoin in a surge such as the current one and this time will not be an exception.
Also in contribution, Bitcoin Futures trader Brian said Bitcoin has been through the usual bottoming phase every large technological giant such as Microsoft, Facebook and others have gone through before becoming fully accepted. Bitcoin is in the final recovery phase and it will be an upside movement from now on.
Bitcoin has been really resilient in 2019, resisting the pressure to go below support levels that it crosses at every stage. Currently, the asset is pushing to maintain support at $5k with a $5500-$6000 Target and may get there in the next few days if a bullish drive kicks in. This has ensured pretty slow but steady progress so far.
The slow progress is necessary for healthy growth as it allows Bitcoin to gather momentum that will help it sustain subsequent gains, according to some analysts. The asset has moved out of the short dip to $5,400 and is now well above $5k. The next move is very likely to push it well above $5,600 from which it fell yesterday and the rest is actually unpredictable.