Tom Lee Says Bitcoin Price Is Giving "Huge Bull Signals"
What a day it's been here in the world of cryptocurrency and bitcoin.
Bitcoin has been dealing some rough hands as it's been trading between $6000 and $6700 for the past month. The crypto community wasn't sure if they should be waiting for a larger increase or if we've finally seen rock bottom.
Almost all cryptocurrencies have been affected by the torturous bear market since December of last year, so it's not surprising that todays price jump is coming off as reassuring to most investors.
Within the last two days we saw Bitcoin prices rise firmly above $7000 USD while Ethereum and XRP saw massive gains as well.
All three have been slowly increasing over the past week, the biggest increase happened within the past 48 hours. Goldman Sach's CEO made a positive affirmation towards Bitcoin in the press, while Bitcoin prices cross the 50 day moving average with a spike in trading capacity. Bitcoin wasn't the only coin to see an increase, more than 90 of the top coins recorded a large spike.
Could this be the beginning of a turn around?
Tom Lee definitely thinks so. If you don't know who Tom Lee is, he is Partner and Chief Analyst at Fundstrat Global Advisors. A longtime investor, Tom Lee is saying Bitcoin price is giving a "huge bull signal."
“Bitcoin is trading 30 percent below its 200-day it’s a huge bull signal because … if you look forward six months you’re gonna do pretty well owning Bitcoin.”Lee said.
Tom Lee wasn't the only one to speak out about the crypto world and it's future this week, as Marc Lasry, a hedgefund billionaire commented that Bitcoin could reach $40,000 over the next few years.
During his interview with CNBC today, Lasry predicted that Bitcoin would reach a record breaking high of $40,000. He claims that all Bitcoin needs is adoption from the masses and the price is bound to grow.
“You are hoping that as it gets more into the mainstream and as more markets allow it to trade where it’s freely tradable, to me, that’s more the market bet. I think then you will start seeing the price of it as it’s easier for people to buy. I think then you will have something that will end up being somewhere around $20,000 – $40,000.”
At the moment Bitcoin price is hovering around $7,325.34 - We can't wait to see what the next few days have in store.
*This is by no means trading advice, and all investors must do their own research before trading.