Keeping The Bears At Bay; Bitcoin’s Performance Over The Last 10 Days
While Bitcoin hasn’t been a disappointment for the last 10 days, it hasn’t invited the bulls either. After the price experienced a flash crash and then got back up to the $8k level, the Bitcoin market has been swinging between $7,600 and $8,000, creating a tense atmosphere with no clear indication of whether the crypto is leaning on bulls or the bears.
However, Bitcoin seems to be holding on great – at least in the eyes of Fundstrat’s Tom Lee. Thomas Lee is an analyst and co-founder of Fundstrat Global. In a recent tweet, Tom asked his followers what they thought of Bitcoin’s market standings over the last 10 days.
Some People Are Bearish
While seeking an answer to his question, Tom mentioned that a lot of people have been bearish on Bitcoin of late. These people have relied largely on technical indicators of the last few days that somehow predict a bearish phase for Bitcoin.
Granted, Bitcoin brought the crypto market out of the winter, scoring an over 140% price increase since the start of the year. Since then, a lot has been said regarding Bitcoin’s future, with a huge section of the crypto community expecting Bitcoin to make a huge leap soon – especially considering that the crypto network is due for a block reward halving in 2020. At the moment, it’s not clear which direction Bitcoin might take, but a lot of people are still bullish.
Tom Lee’s tweet received responses from his online followers, many of whom were happy to confess that, indeed, his 10 days predictions were spot on. As a guy who has been in the research and analysis business since 1993, Tom Lee stands out as a credible source of insights for many of his followers. One of his fans even went ahead to request Tom to start a mentorship program.
Source: Read Full Article