Fundstrat: Bitcoin (BTC) Moving Back to $8,000 Confirms Crypto Winter Is Over

Fundstrat: Bitcoin (BTC) Moving Back to $8,000 Confirms Crypto Winter Is Over

Bitcoin Bear Market Over, Declares Fundstrat

Thatís right, according to Fundstrat Global Advisors, the Bitcoin (BTC) bear market is finally over. In a tweet posted Sunday, Thomas Lee, Fundstratís resident crypto cheerleader and head of research, revealed his firmís 13 reasons why he believes that the ďcrypto winterĒ has gone kaput. The most recent of these being that BTC ďdisturbinglyĒ dropped to $6,200, then skyrocketed to hit $8,200.

We may not list them all, but weíll give a good overview.

The Bitcoin Cash hash war of late-2018 has ended, which many believe is what catalyzed the drop from $6,000 to $3,150.
Grayscaleís Bitcoin Trust saw its premium over BTC spot fall to 5%, implying that ďcapitulationĒ has occurred.
The number of on-chain transactions has turned positive year-over-year, meaning that users of the blockchain have yet to disappear, and are actually a growing demographic.
Fundstratís Bitcoin Misery Index reached 89 on April 2nd. This is the highest reading since June 2016, and could indicate that overall bullish behavior for Bitcoin is on the horizon. As Lee explains, since 2011, a Misery reading of over 67 came only during bull markets. However, when Misery peaked above 67, BTC, on average, fell by 25%, as investors look to take profits. The Fundstrat executive did may it clear though that even if a drop is inbound, Bitcoin has more likely than not seen its one-year bear trend end at $3,000.
Bitcoin moved above its 200-day moving average, then the golden cross occurred just days later.
This one is funny. ParabolicTrav, a diehard crypto bull, reappears after a seven-month hiatus.
Adamant Capital revealed that think the market had bottomed, releases a bullish report after effectively calling the last rally. They explained that the
Bitcoin Unrealized Profit/Loss (BUPL) indicator then revealed that the cryptocurrency market was entering a phase of ďhopeĒ.
Over-the-counter (OTC) volumes surge, hinting at immense institutional interest.
The news unveiled at Consensus 2019 confirm that the industry is still strong and developing.

All these factors have made him determine that by 2020, Bitcoin is likely to see new all-time highs at last.

This Might Not Be The Case, Analyst Warns

Some fear that the bear market isnít over, however. As we reported previously, Magic Poop Cannon, an ill-titled analyst, has recently begun to raise red flags, noting that the ongoing rally might be a huge fake out. He explains that strong, correlated increases in the Money Flow Index (MFI) and Network Value to Transaction ratio (NVT) on the weekly chart have always preceded drops in the BTC price. In 2011, when the two indicators reached the peak of their range (like we see now), a 93% correction ensued. In 2013, the two indicators hit overbought/overvalued ranges twice, which were followed by a 75% and 85% decline, respectively. If history is of any indication, Bitcoin may fall dramatically from here.

He adds that the current rally makes no sense, pinning the irrationality of this current trend to institutional investors, futures, trading desks, high-frequency trading, and other factors that have been known to manipulate the underlying nature of markets. Specifically, he looks to the fact that Bitcoin has yet to touch its logarithmic regression line, which the asset has historically traded parallel to before a bull rally.

Title Image Courtesy of Elliott Engelmann Via Unsplash

The post Fundstrat: Bitcoin (BTC) Moving Back to $8,000 Confirms Crypto Winter Is Over appeared first on Ethereum World News.

19.05.2019 / 19:40 68
Fundstrat: Bitcoin (BTC) To Stage ďPretty Big RecoveryĒ Starting In 2019 Fundstrat: Bitcoin (BTC) To Stage
Why Bitcoin Could Head Higher, According To Tom Lee Bitcoin (BTC) surged past $5,000 mere weeks ago, and Tom Lee, the head of research at Fundstrat
Tom Lee: Bitcoin Misery Index Indicates Crypto Winter Ended When BTC Hit $3,000 Tom Lee: Bitcoin Misery Index Indicates
Is The Bitcoin Bear Market Over? Fundstratís Tom Lee, a Bitcoin (BTC) permabull, has taken to public forums again to explain why he believes that
Bitcoin Will Recover Without ĎMainstream Breakoutí in 2019, Says Fundstrat Bitcoin Will Recover Without
Fundstrat Global Advisors has published its 2019 outlook on the cryptocurrency market. The document suggests that positive incremental developments
From $25,000 to $22,000: Fundstratís Tom Lee Lowers Bitcoin Price Prediction From $25,000 to $22,000: Fundstratís
Fundstratís Thomas Lee has lowered his Bitcoin price forecast for this year to $22,000 from $25,000. In making his case the co-founder and managing
Bitcoin Price Drop To $3200 Would Still Continue Uptrend, Fundstrat Confirms Bitcoin Price Drop To $3200 Would Still
The price of Bitcoin may be heading down to $3200, new research has warned ó as the first and foremost cryptocurrency fails to find support at its
Fundstratís Thomas Lee Believes Bitcoin Will Hit $91,000 by 2020 Fundstratís Thomas Lee Believes Bitcoin
The head of research at Fundstrat Global Advisors has made the bullish claim that bitcoin will reach $91,000 by March 2020. Thomas Lee and Fundstrat
Comments (0)
Add a comment
Comment on