Bitcoin Will Top $10,000 in 2019, Says Fundstrat’s Tom Lee

Given the performance of Bitcoin (BTC) since the start of 2019, especially the major gains realized in April, several analysts say BTC is set for a bullish year.


Bitcoin Winter is Over

According to Tom Lee of Fundstrat Global Advisors, the prolonged bear market of 2018 is now a thing of the past. Lee posits that there is already a significant flip in market sentiment leading to increasing investor appetite for Bitcoin.

Speaking to MarketWatch, The Fundstrat chief analyst opined:

Risk appetite is positive for bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for vol [volatility] that’s building a base case for bitcoin.

Bitcoin 1-year price chart

Lee, known for making BTC price forecasts believes Bitcoin will top $10,000 sometime in 2019. Earlier in April, Lee made the case for Bitcoin’s fair value amounting to about $14,000 based on the present mining cost.

As previously reported by Bitcoinist, Fundstrat analysts say fundamental market forces have shifted to the positive side. This…

Click to continue reading on its source location…

Source: https://thebitcoinnews.com/bitcoin-will-top-10000-in-2019-says-fundstrats-tom-lee/