Tom Lee of Fundstrat Global Advisors believes that the fair value of Bitcoin is around $14,000. The research chief and managing partner at Fundstrat also says that the old Bitcoin whales are back and have begun to buy back massively due to a shift towards positive market sentiments.
The Old Whales Have Returned
Speaking to CNBC on Thursday (April 4, 2019), Lee commented on the recent price surged experienced by the top-ranked cryptocurrency, saying:
Bitcoin had a rough 2018 and for much of 2019, it has been steadily climbing and from what we can gather, it is because there are a lot of positive things taking place. A lot of the old whale wallets are buying Bitcoin.
According to Lee, many of these old whales liquidated their BTC holdings back when bitcoin price almost topped $20,000 in mid-December 2017. It would seem like there is a shift in market sentiment towards the positive end of the spectrum.
Earlier in the year, Lee published Fundstrat’s outlook for 2019 which included a trend reversal for the market as a whole. Lee…