Tom Lee Explains Reasons Behind More Climbs for Bitcoin
Tom Lee appeared on CNBC to explain why Bitcoin may possibly continue climbing. As of last Tuesday, the research director at FGA directly after the coin’s instant and massive jump to $7400.
Hosting Tom Lee on the show, Melissa Lee spoke about two graphs predicting a possible “moon boom”. Initially, Tom pointed towards the leading currency’s 200-day MA almost at $11K. He also stated that the coin was in present time resting at 30 percent under the line. Despite any activity below an MA, mostly viewed as a bad omen, Tom Lee stated that Bitcoin’s was possibly beneficial.
He then continued to explain his reasoning, stating that the same occurrence has risen since 2009. The cryptocurrency sunk in one month under 30 percent below the 200 MA. He then stated that Bitcoin holders will see sudden changes over the next six months in their favor. According to him, once the coin begins trading at that level, it signals a potentially huge bull run.
Tom Lee also believes firmly in other evident signs, tech and fundamental ones. As he explains from the technical aspect, Lee says that due to recent attention towards TA, he thinks technical signals are growing in popularity.
Commenting on reports surrounding Mastercard, the payment service giant, and its application to bridge fiat and cryptocurrencies under one service, he said that recent news regarding the matter is a good sign due to its presentation of future payment methods.
Tom Lee is a legend within the Bitcoin bull community after his endless efforts in Bitcoin landing at the $25K mark next year. He continues to be optimistic regarding the coin's future even with the recent coin’s downtrend this year.