Fundstrat’s Tom Lee said Thursday that another bitcoin bull market is coming in 2019.
In his appearance on CNBC, he said 2019 could market the return of bitcoin.
The Fundstrat Global Advisors strategist said, “This year could bring about a comeback for the cryptocurrency, thanks to favorable macroeconomic trends.”
Lee said, “I think 2019 is a year about repair.”
He added that “bitcoin’s technical indicators are stabilizing, with the digital currency managing to hold above its 200-week moving average, his thesis centered on the bigger picture.”
He told the CNBC that “Increased awareness around cryptocurrencies may also bring them closer to becoming an official asset class, a shift that is already starting to take shape.”
“For the near term, Lee told prospective buyers to keep an eye on the 200-day moving average,” he said, “If bitcoin maintains its current trading price around $4,000, “it’ll cross above its 200-day by August.”
