There’s no doubt that cryptocurrency enthusiasts are bullish about the future of blockchain and cryptocurrency, and that has led to some wild predictions over the years. There are some that make long-term predictions, and there are also others that are quick to take to Twitter about every technical move, and what that means for the next few weeks, days, or even hours.
One individual that many believe has caused a lot of commotion with his predictions is none other than Lee. Lee seems to never believe that Bitcoin will go down, unlike other reputable individuals such as Civic CEO Vinny Lingham, who has been honest about when he believes we are in a bearish phase. Lee recently reiterated his idea that Bitcoin (BTC) is below the price it should be at, and explained his reasoning further.
For those that are unaware, Lee has become famous in the cryptocurrency circle for his many predictions. Some feel as though his predictions actually hurt potential investors, given the fact that Lee has remained bullish when it didn’t seem realistic. Notably, he maintained a $15,000 Bitcoin price prediction at the end of the 2018 which doesn’t look too accurate in retrospect.
However, it should be noted that this time, Lee is actually citing other traders’ technical analysis as reason that we might be finally moving out of a bear phase. In one tweet, he pointed out that a well-followed trader believes that the 200-day moving average is currently acting as support:
CRYPTO: Some TA's who were bearish in 2019 are becoming incrementally bullish on #BTC $BTC
The one below refers to the 200-week mavg acting as support, something @rsluymer @fundstrat TA also noted as key support for Bitcoin.https://t.co/QOBqcQ83FV
— Thomas Lee (@fundstrat) February 10, 2019
From a “big picture” perspective, Fundstrat Global Advisers, founded by Tom Lee, published a report suggesting that there is much to look forward to. Lee is so synonymous with the company that his Twitter account is actually @fundstrat. In the pinned tweet, he offers the first paragraph, where he states that crypto prices should be “staging a visible recovery”.
CRYPTO: we published our 2019 crypto outlook this am. Positive incremental developments coming. First paragraph below. pic.twitter.com/JkkBEvRmxl
— Thomas Lee (@fundstrat) February 8, 2019
While Lee is not taken by much of the cryptocurrency community anymore given his past predictions, the report does offer some concrete evidence for a future bull market. For example, it references the fact that Binance now allows for credit card purchases, which will certainly lead to increased money flow. It also believes the United States dollar will weaken in 2019, which it concludes is good news for Bitcoin, as well.