The recent upward trend of Bitcoin (BTC) has many analysts and speculators confused and excited at the same time, because although there are no real explanations for such atypical behavior, it has beaten all the predictions waiting for a dump, as it would be the case for a typical “Bart Simpson” pattern.
Tom Lee, founder of Fundstrat Global Advisors, is known in the ecosystem for his bullish statements despite market trends saying otherwise. A few hours ago, Bloomberg spoke with the renowned financial analyst, who explained that the Bitcoin price rise could be real and not a deliberate phenomenon.
I think there’s a lot of significant things that happened, this past week with crypto. But the most important was that Bitcoin made a move that now looks like it was based on true buying.”
Mr. Lee explained that the BTC bull trend is practically inevitable
The perception of traders seems to be currently very heterogeneous; some consider that it may be momentary, others think we are at the gates of a trend reversal, however, the confidence of Mr. Lee when talking about Bitcoin is worth noticing.
From the point of view of fundamental analysis, Lee explained that the drop in dollar prices, as well as the diversification of the international economy, make BTC very attractive for certain investors.
BTC is Bullish… But… Is this Momentary?
Lee believes that it is very likely that the bullish streak was started as a result of an authentic feeling triggered by real buying. With this, Lee seeks to explain that some theories that attribute the Bullrun to fake news or even an April’s fools joke make little sense.
Likewise, from the point of view of technical analysis, there are also reasons to be optimistic. Lee explained that the long-term average behavior remains an essential support to current prices.
“An instrument that can go back to its 200-day and hold it is now back in a bull-trend. So, I think, sentiment has to change because Bitcoin is now in a bull-market.”
Currently, Bitcoin is above the average of 200. The last time it happened was on July 2018. At that time, the crossing was momentary and it was only a correction.
To know if the trend is stable, a few more days need to be analyzed. Indicators are still show mixed flags