The crypto market has suffered heavily over the last year, but things seem to have started looking up. Bitcoin’s price is finally rising to break the $4k resistance level, a development that many analysts say could set the crypto on course to a much higher price.
As expected, the big wigs of the crypto space have noticed the positive development, and one of these people is Tom Lee. Tom is the CEO of Fundstrat Global Advisors, and he has always been bullish about Bitcoin even during its most tumultuous days over the past year.
Bitcoin To Soar Higher
Speaking during an interview at the Blockchain Economy Istanbul Summit, Lee disclosed his optimism about the future of Bitcoin. Tom was speaking just as Bitcoin reached $3,900. According to him, the $3,900 price is just a start and Bitcoin is headed for a much higher price by the end of the year.
According to Tom, the current rise of the global markets, especially the stock market, is bound to affect Bitcoin positively. Also, the fact that the dollar is stable is good news for the Bitcoin market.
Bitcoin Doesn’t Need An ETF To Do Well This Year
Commenting on the issue of the anticipated approval of a Bitcoin ETF, Tom had a rather radical opinion. In his view, a Bitcoin ETF isn’t likely to be approved in 2019. He said that although an ETF would be good for Bitcoin, the crypto doesn’t really need an ETF to succeed in the market.
At the moment, there are two ETF applications pending review by the SEC- one by the NYSE, and another by CBOE. Over the last few months, various SEC committee members have shown some level of acceptance for the crypto industry, a development that some people have interpreted to mean that an ETF could be approved soon.
Economic Recession Could Favor Cryptos
At a time when the world economy is staring at a recession, Tom Lee thinks that scenario could actually work in Bitcoin’s advantage. In his opinion, a recession could lead more people to get interested in cryptocurrencies, a move that would increase demand and ultimately drive up the price. However, in terms of the trading volume, Tom Lee thinks that there won’t be much change.
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