Bitcoin bull Tom Lee says market rising from BTC bottom; crypto trading heats up
Bitcoin strategist Tom Lee head of research at Fundstrat, says it's a meaningful signal that the bitcoin bottom is behind us. BTC is heading high, and experts have predicted that the leading cryptocurrency by market capitalization could 'push as high as $9,200 very soon.'
Bitcoin is the main talk of the cryptocurrency world as the BTC price rose by 30%. As first generation and largest cryptocurrency is approaching $8500 the action on some of the largest trading venues in crypto is heating up.
In addition to this, there is a spike seen in crypto volumes - digital currencies changing hands - on exchanges. According to Lee, It's more evidence supporting a bottom.
Bitcoin witnessed the lowest of the year valued at $5,791 on June 29. After two months of struggle, BTC is gradually rising up. Bitcoin Bull Tom Lee has backed and opinionated that BTC would soon hit $25,000 price target.
Tom Lee stated, "A few weeks ago when bitcoin started to rally, skeptics dismissed the move saying there was no volume, Now we have massive jumps in volume."
Sources reveal that the volume has significantly increased to over $20 billion on Tuesday. Also, the peer-to-peer mercantile trading venue, BitMEX, witnessed huge volumes over $8 billion bitcoin in traded volume over the past 24 hours, according to reports.
EToro analyst Mati Greenspan, predicts that the current BTC price along with strong volumes is an indication that the price levels will be stable enough throughout the year.
Greenspan stated, "As with traditional markets when a breakout happens on strong volume, it's considered a more powerful move and is more likely to be sustained."
The exchange behind one of the markets for BTC futures in the US, CME Group, witnessed a turnover for its contracts. According to the firm's data, there is an increase from 1,600 on July 3 to more than 12,800 contracts traded on July 24.
Rohit Kulkarni, a managing director at Private Investment Research commented about the current rally."Technical analysis supports a bullish pattern as Bitcoin tends to rebound after it trades below its 200-day moving average," Kulkarni said. "Plus, we have seen constructive commentary supporting Crypto ETF products, which could help unlock interest among institutional investors."
Earlier in July Tom Lee defended that BTC could trade at anywhere from $22,000 to $25,000 by the year’s end, in two CNBC interviews. Bitcoin bull is known for his prediction in January that BTC would hit $25,000 by the end of 2018, later saying in March it would reach a staggering $91,000 by 2020.
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