Bitcoin seems to have most of the influential characters within the crypto verse excited. After suffering a terrible fall in its prices during 2017, it seems that BTC reached a stability zone around 3 to 4 thousand dollars and many analysts agree that after breaking this mark, the situation appears to be quite favorable.
Crypto Market News Covered and interview with Tom Lee, CEO of Fundstrat Global Advisors, during the Blockchain Economy Istanbul Summit. The expert trader, known for his bullish statements during the crash of prices in 2018, has not changed his mind and commented that the current circumstances could be favorable to boost Bitcoin prices:
“I think it’s gonna recover in 2019 … I think 3900 is good (but) it’s not where we’ll end the year; I think it’ll be much higher.”
Tom Lee: Bitcoin (BTC) Does Not Need an ETF (But It Would Be Good To Have One Approved)
He argued that despite the optimism of many fundamental analysts, it is unlikely that a Bitcoin ETF will be approved this year. Although he did not elaborate on the reasons supporting his point of view, he mentioned that this type of event is not necessary to catalyze a bull run, although he clarified that if an ETF were approved, the effects would be positive:
“I don’t think an ETF is gonna happen in 2019 so I think Bitcoin would really benefit from an ETF, but it doesn’t need an ETF to do well this year.”
Many people expect the SEC to change its tradition and to approve a Bitcoin ETF soon. Currently, Two proposals are being studied, one submitted by CBOE and one filed by NYSE.
Also unlike previous years, several SEC members have given favorable statements that awaken the optimism of many people who see a Bitcoin ETF getting closer and closer.
Fundamentals Look Promising… But “Technicals Are Much More Attractive”
The well-known investor shared that in addition to the internal market itself, there are external factors that will have a positive impact on the prices of BTC. The macro factors and the good performance of the financial markets will play a decisive role as supports of Bitcoin’s price and its upward trend:
“I think that several things are going to support the price this year. You know, the first is what we call macro factors: The fact that global markets are actually rising, global stock market is bullish for Bitcoin in the same way that last year’s global stock markets fell, and Bitcoin fell …The dollar isn’t soaring like it was last year so that dollar being weaker is a real tailwind for Bitcoin.
The technicals are much more attractive, you know, bitcoin is bouncing along its 200-week moving average, and that’s really been an important support in traditional markets, and I think it’s going to support bitcoin price here”.
He concluded by mentioning that the global recession could stimulate public interest in cryptocurrencies; however, he clarified that in terms of volume it will not have a considerable impact.
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