Tom Lee of Fundstrat Global Advisors believes that Bitcoin will see a significant upward price movement in 2019. The BTC permabull who in 2018 predicted that the top-ranked cryptocurrency would end the year trading at $25,000 says several market factors have flipped in favor of the cryptocurrency. Lee also expects the coming positive developments on the institutional side to also play a prominent role in engineering a sustained bull market for BTC in 2019.
Weak Dollar Will Push Bitcoin Price
Speaking to CNBC on Thursday (March 14, 2019), the Fundstrat co-founder and analyst identified a few market indicators that would drive up the price of Bitcoin in 2019. Commenting on the matter, Lee declared:
“I think 2019’s a year about repair. We have a risk-on rally in global markets that’s positive for bitcoin; it was a headwind last year. And the dollar isn’t surging like it was last year. That’s a headwind that’s gone away.”
Apart from a weakened U.S. dollar, the Fundstrat analyst says that other technical indicators…