Tom Lee: Bitcoin’s $8,000 Recovery Confirms Crypto Winter is Ended

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Winter arrived, and much like the final episode of the Game of Thrones television series, it must some day come to an end. According to market strategists Fundstrat‘s ever-bullish Tom Lee, the weekend’s remarkable push back up of Bitcoin to revisit USD 8,000 so soon after a crash, is the final proof he requires to signal the end of the “crypto winter”.

Although he had earlier called the pull back to USD 6,300 a “disturbing” event, the quick return to USD 8,000 was to him the final confirmation that the trend he predicted, backed by his own 13 reasons underlined on his Tweet, was intact.

It all began with a journey back half a year ago, when the hashpower was shifting between Bitcoin and Bitcoin Cash, which many believed had been responsible for the bottom seen at USD 3,200. That, along with the crashing of crypto funds such as Grayscale’s Bitcoin Trust, was what he believed sounded the phase of capitulation. That fund, which dropped to its lowest level then in over a year, is today up by 40%, fuelled by a #dropgold campaign for Bitcoin.

Lee is a frequent predictor of good tidings for Bitcoin and cryptocurrency. Last December, he said that Bitcoin fair value was at USD 15,000, while insisting that Ether would see a swing in fortunes to hit USD 1,900 by the end of 2019.

 

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