Fundstrat CEO Tom Lee believes that this year will mark the revival of the first digital asset due to favorable macroeconomic trends.
I think 2019 is a year of recovery. We have risks in global markets, which is a positive factor for Bitcoin; it was a headwind last year. And the dollar does not grow as it did last year. This is a headwind that has disappeared.
Among the positive fundamental changes he mentioned the launch of digital coins by leading global financial institutions, such as JP Morgan and Mizuho, as well as the growing popularity of Bitcoin in problem countries such as Venezuela.
According to Lee, these events can raise awareness of cryptocurrency and take us a step closer to mass adoption. Lee also believes that we are moving towards adopting virtual money as an official asset class.
From a technical point of view, Lee offered to look after the DMA200 (currently it’s a level of $ 4,876). According to the expert, Bitcoin will cross it by August if the current momentum continues.
Meanwhile, BTC / USD is trading at $ 3,921, showing a growth of only 0.25% in the last 24 hours. Yesterday’s attempts to break out of the range failed before the market realized what was going on.
In the end, there are 3,900 dollars of resistance left and 3,700 dollars of support, which for a while stifle all Bitcoin movements.
What do you think about the situation in the cryptocurrency market?
