Tom Lee predicts Bitcoin growth will resume in August

Thomas Lee, Co-Founder and Principal Analyst at Fundstrat Global Advisors, recently said that in about six months, the bitcoin rate should begin to rise again, compensating for the November losses..

Having made a promise in December not to make any more predictions about the prospects for the crypto market, the expert could not resist and said that the market trend should reverse in August. In his opinion, the 200-day moving average will play a key role. If bitcoin by that time keeps the price at $ 4 thousand, it will cross the indicator line, which from the side of technical analysis will look like a resumption of a bullish trend.

Tom Lee believes that Bitcoin Cash’s controversial Ford fork and the accompanying hash rate war have eroded investor confidence, disrupting momentum. Therefore, the market needs to restore the lost positions..

Tom Lee predicts Bitcoin growth will resume in August

In February, for the first time in seven months, the bitcoin rate recorded an increase, bringing investors an average of about 0.5% per day. However, in March, the dynamics weakened, falling to 0.2%, which some began to perceive as the beginning of a new recession. Nevertheless, now the BTC rate is still significantly higher than the December minimum of $ 3,100, and the daily volume for the first time since April 2018 exceeded $ 11 billion, which confirms the interest of investors.

Epicenter stocks and bitcoin will surge in 2021: Market bull Tom Lee

Future growth will also be fueled by the popularization and adoption of cryptocurrencies. In parallel with the integration of new payment instruments to pay for goods and services with bitcoins in various services, the market for investment digital assets is actively developing.

text: Ivan Malichenko, photo: cnbc, simpalsmedia

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