Tom Lee States that Bitcoin is Not “Broken”
In a recent interview, Tom Lee, an established Wall Street bull, commented on the new Bitcoin Misery Index launched by Fundstrat as a means of how unhappy current holders of the leading cryptocurrency are in terms of value and volatility.
As he states, when the index drops below 27, this proposes positive and beneficial returns. Once the indicator climbs over 68%, it suggests selling the cryptocurrency during that time. As of the indicators current position at 39 percent, Lee has said that it is making a comeback.
Tom Lee also highlight BTC and its current dominance on markets, climbing just shy of 50 percent on the past few weeks following its low drop at 37 percent only last month. As he describes it, as Bitcoin continues making small climbs consecutively, this provides another look on how the market has been reacting to the current state of events.
Additionally, the research head at Fundstrat has commented on the most important news within the industry so far, including the ICE revealing of a brand-new international crypto-asset platform and the classification as a non-security by the United States SEC.
On the 3rd of August, another announcement by ICE revealed that the agency, also one that manages 23 elite international exchange markets, including the NYSE, is developing a new platform for digital assets as a means of allowing buyers and sellers, as well as company clients, to acquire and transact with several cryptocurrencies over a simple and directly efficient network connected globally.
In July, he stated once again that BTC may skyrocket to any price between $22K and 25K at the end of the year, a prediction shared by many other Bitcoin bulls in the industry. In June, he also provided another prediction, stating that its current bearish trend would reverse itself should BTC be able to break past the $6.3K mark.