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Bitcoin Returns to $8,000, Crypto Winter Is Over

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Mon, 05/20/2019 - 15:00
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  • Prominent Bitcoin bull and chief analyst at Fundstrat Tom Lee is heatedly proving that the crypto winter is over⏱, suggesting a dozen reasons to prove that❗

Cover image via www.cnbc.com
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13 reasons to prove the crypto winter is over

On Sunday, Thomas Lee from Fundstrat Global Advisors published a Twitter post where he offered thirteen reasons to prove that the crypto winter is over.

He wrote that the return of Bitcoin to $8,000 after a retracement to $6,200 is a good sign that shows the bullish trend is in full-swing.

Several reasons Lee mentions seem not too important compared to the others. The analyst first goes back to the hard fork of Bitcoin Cash in November 2018, when a hash war broke out between the newly appeared Bitcoin SV and Bitcoin Cash platforms. It was back then that Bitcoin’s price dropped to $3,200.

Lee also mentioned the daily amount of Bitcoin transactions inside the chain and the fact that the Bitcoin Misery Index has risen above the 67 mark for the first time since late summer 2017.

The analyst speaks of a rise in the OTC trading volume. As per data received from various brokers, their customers have become around 60-70 percent more active than in the beginning of 2019.

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President Trump and Consensus 2019

As U.Today reported earlier, speculation regarding President Trump’s sanctions against China pushed many investors towards buying Bitcoin to hedge their financial risks after the yuan began dropping.

As the final reason, Lee named the successful Consensus 2019 event, where a lot optimism for the future of crypto was shared.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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