Fundstrat CEO, Tom Lee, believes that crypto winter is over and that the market is on a path to new all-time highs by 2020.
Lee was a guest on the CNBC’s Futures Now segment, where he referred to a piece recently published by his firm which stated that there are 11 signals that typically appear in a bull market,
Last year was a terrible year for crypto, a massive bear market, and we published a piece this week just highlighting … 11 signs that historically only take place in a bull market. So I think the evidence is mounting that there’s a bull market.
Lee has also talked about the 200 day moving average as being a key sign that the cryptocurrency market is going to hit a bull run in about 6 months, and also mentions the 50 days moving average overtaking the 200 day moving average as another sign.
The belief that the market is on an uptrend is shared by Binance’s, Changpeng Zhao. The exchange released a report that showed that their trade volumes were higher than during the peak period of January 2017.
The CEO has said in the past that a fair price for bitcoin would be about $14,000. He continues to hold that view, and though he isn’t certain that it will rise to that specific value, he is certain that there will be a great rise in value.