Bitcoins will return to the bull market by August, says Tom Lee, but there is a problem

Bitcoin permabull and Fundstrat Global Advisors senior badyst Tom Lee once again expressed optimism about the near-term future of cryptocurrency. Contrary to last year's forecast, it seems this time to protect its positivity conditions.

Tom Lee back to her, with hesitation

In April 2018, Tom Lee of Fundstrat declared that the price of Bitcoin will reach $ 25,000 by the end of the year. As of December 31, 2018, however, cryptocurrency was trading at around $ 3,700, about 85% below the target price.

Speak on CNBC futures contracts, Lee seems to have maintained his positivity on Bitcoin, despite his previously failed predictions.

The badyst thinks that 2019 will be a "year of repairs". This time, he is obviously a lot more cautious and conservative with his price goals. Lee pointed out that this is very important for the price of bitcoin 00 to recover the damage suffered during the war at the fork between Bitcoin Cash and Bitcoin Cash SV.

I think the damage that really needs to be repaired is the one that fell from $ 6,000 to $ 3,100 after the fork war with Bitcoin Cash. […] I think that has really undermined investor confidence in the market dynamics. So I think bitcoins will spend a lot of time below $ 6,000.

According to the specialist, "the outside is in five or six months before Bitcoin begins to look like technically returning to a bull market".

But there is a problem. For Bitcoin to exceed its 200-day moving average over this period, it must maintain its current price around $ 4,000, suggesting that any significant downward slide could throw Lee's prediction into the trash.

"Bitcoins become very useful"

Lee explained that Bitcoin's technical information is starting to show a stabilization, crypto-currency "bouncing" on its 200-week moving average.

However, Lee maintains that the situation as a whole must be kept in mind.

The real story is fundamental, this bitcoin becomes very useful. […] We have seen the launch of digital currencies not only by J.P. Morgan and Mizuho Bank, but also by Facebook and some social media companies in preparation. And of course, in places like Venezuela, where bitcoins have become very large and widely used, turbulence is driving adoption growth. So I think these are really preparing for a … strong year.

While JPM had earlier announced its first "JPM Coin" post in February, it has since received a lot of criticism, with industry advocates such as Abra's CEO calling it "nonsense".

When asked if new crypto-currencies issued by reputable companies such as Facebook and JPMorgan Chase would attract investors' attention to Bitcoin, he replied:

In a world where today there are 50 million active portfolios and 5 billion Visa cardholders, the cryptography market can only grow thanks to its adoption.

This is not the first time Lee has withdrawn the adoption card. However, the data of Blockchain.com shows that the number of Blockchain portfolios is currently around 34 million. While this number is growing steadily, it still has not reached 50 million.

What do you think of Tom Lee's current position on Bitcoin? Do not hesitate to let us know in the comments below!

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