Tom Lee, Chief Analyst at Fundstrat Global, on June 22, 2019, briefs the cryptocurrency community on the current state of bitcoin. In his tweet, he mentions that if bitcoin could once more hit its all-time highest price of about $20,000, this would mean that the previous bull run wasn’t a bubble as many had said in the past.
Tom Lee Says Bitcoin Isn’t A Bubble After All
Nouriel Roubini as reported by the Guardian on Feb 2, 2018, had said in a statement while referring to bitcoin’s price drop at that time said bitcoin was “the mother of all bubbles.” He further emphasized that the most valuable cryptocurrency was only favored by “charlatans and swindlers.”
Thankfully, Roubini’s statement has been proven wrong as bitcoin has seen a considerable number of global adoption by individuals and institutional investors.
Bitcoin Proving Unstoppable
The most valuable cryptocurrency with a market dominance of about 59%, bitcoin now trades at $10,918. Bitcoin which had recently broken the $11,000 price level had a slight correction but has quickly regained what it lost over the weekend.
Tom Lee, in a discussion with two others sometime in May, had predicted what would happen with bitcoin if it crosses the $10,000 mark. In his words, Tom Lee says there would be FOMO at that price level, as a lot of people wouldn’t want to be left out.
Apparently, his words have proven true as bitcoin receives a massive number of volumes on cryptocurrency exchanges globally.
Bitcoin On Its Way To $16K?
The analyst also opines that bitcoin was the “easiest tradable asset of our times,” as the cryptocurrency has always maintained a clear and similar pattern over the years.