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Bitcoin Attaining $8,000 Marks An End to the Crypto Winter, Says Tom Lee

According to Tom Lee, the CEO, and Co-Founder of Fundstrat Global Advisors, the crypto winter has finally come to an end. We all know that Bitcoin and the entire crypto market have witnessed a price slump since the past few months. But things began to look better again since the start of April. In fact, Bitcoin has also noted a considerable rise in its price consistently after falling down to the price of 6,200 dollars.

To add more substance to his claims, Lee furnished 13 reasons why he thinks that the winter in the digital asset industry has ended. He shared the same through his post on Twitter on Sunday with the crypto community.

Lee stated in his tweet, as the price of BTC has reached over 8,000 dollars, it is enough of an indication of the positive trend. He strongly feels that the bulls have now regained control over the market after the recent disturbing market trend.

Lee’s Reasons Say It All

The reasons Lee has cited provides a detailed look back right from November last year. Let’s have a look at some of them:

  • The Bitcoin Cash hash war came to an end which majority of people speculated to be the reason for the price drop to 3,150 dollars from 6,000 dollars.
  • Grayscale’s Bitcoin Investment Trust experienced a fall in its NAV premium to 5%, indicating the occurrence of capitulation. Post that, the premium has escalated to 41%.
  • The everyday transactions on-chain have also gone up year after year. It was the first such turn of events since January last year.
  • Bitcoin Misery Index, short for BMI, by Fundstrat, has gone above 67. It hasn’t happened once since 14th August 2017. In fact, BMI has never crossed 67 since the year 2015 in a bear market situation.
  • In another important event in April 2019, BTC moved over its 200 days moving average in the last 13 months.
  • Mid-April saw Over The Counter volumes rising significantly. New customer activities have been reported to go up by 60 – 70 percent by more than one brokers compared to the figures recorded in the last four months. Moreover, many investors have regained interest in bitcoin accumulation.

In the end, the Consensus 2019 conference acted as a confirmation that the crypto winter was now over, as per Lee’s belief.

The Upward Trend

Bitcoin prices continued to witness an upward trend in the past week with a 13% surge. While Lee has cited enough reasons that indicate an end to the bear market phase, some still think the phase is ongoing. In addition, there are also some who feel the prices of BTC will again see a dramatic fall soon, given the history of how the crypto market works.

While writing this, Bitcoin was being traded at 7,972.96 USD.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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