Fundstrat Global Advisors co-founder Thomas Lee considers that Bitcoin (BTC) is back in a bullish trend. The expert conveyed the view during an interview with Bloomberg published on April 5.
Lee said that Bitcoin’s critics declared the cryptocurrency dead because it lost 90% of its value. However, it has now broken over its 200-day-moving-average, which is why he thinks sentiment has to change and that BTC is currently in a bull market.
Fundstrat’s CEO also noted that there is evidence that investors who hold great quantities of cryptocurrency have started accumulating more crypto once again. “A lot of them sold, in early 2018, that’s dry powder, they’re starting to put that to work,” he said.
In February, Lee’s New York-based research company Fundstrat Global Advisors released its 2019 crypto outlook in which analysts describe incremental improvements that will purportedly support higher prices for cryptocurrencies.