Tom Lee, the founder of Fundstrat, is clearly not concerned by Bitcoin’s recent downturn. In his latest tweet, Lee claims that the “painful” $2,000 is invisible on the weekly timeframe.
Important to step back and focus on the bigger picture and long-term time frames on #bitcoin $BTC $BTCUSD
- Painful $2k drop in past day, partially due to @federalreserve Powell comments @facebook #Libra
- Drop invisible on weekly timeframe
Crypto winter over...#BTD pic.twitter.com/F5vkQmsWEM— Thomas Lee (@fundstrat) July 11, 2019
Libra haunts Bitcoin
As reported by U.Today, the top cryptocurrency dropped by more than 10 percent on June 10 after surpassing the $13,000 for the second time this year. The unexpected rally didn’t have any legs, and Bitcoin failed to match the current yearly high of $13,866.
Lee suggests that Federal Reserve Chairman Jerome Powell is the one to blame for Bitcoin’s bad day. According to Powell, Facebook’s Libra, which supposedly fueled the crypto rally in July, raises “serious concerns” when it comes to its customers’ privacy and money laundering.
A firework mishap
At the time of writing, the BTC price is at $11,684.44, already showing some vague signs of recovery. However, even if the coin’s price does manage to rally again, trader Josh Rager still sees it as a shorting opportunity given that the currency buying volume is too small.
$BTC not overly convinced with the volume— Josh Rager ? (@Josh_Rager) July 11, 2019
Buyers aren't confident in this area & it reflects in lack of buying volume
Price could make it as high as $12k (4 hr chart) but IMO will continue down
This could turn into the 'short the rally' type of scenario for now pic.twitter.com/WxKWsN0xAQ
Lee claimed that the BTC price above $10,000 would unlock the highest level of FOMO. Earlier this week, he hit the nail on the head with his prediction by saying that we would see “fireworks for BTC” this week. As we are moving closer to the end of this week, Bitcoin as volatile as ever.