Tom Lee made an extraordinary prediction in December, one that turned out to be false. He said Bitcoin would go way back over $10,000, which was an adjustment from an earlier prediction. Now, while Bitcoin trades sideways within a tight range but altcoins are experiencing a resurgence dubbed by Mati Greenspan as “alt-season,” Lee says another bull run is on the way.
2019 Will Be ‘Year about Repair’ for Bitcoin
Speaking to CNBC, Lee said today:
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” I think 2019′s a year about repair. We have a risk-on rally in global markets that’s positive for bitcoin; it was a headwind last year. And the dollar isn’t surging like it was last year. That’s a headwind that’s gone away.”
An increasingly powerful dollar doesn’t necessarily have an effect on Bitcoin markets in the traditional sense. In any case, there’s no strong evidence to suggest that dollar strength corresponds to Bitcoin trading. However, 2018 might have seen traders moving into forex rather than cryptocurrency.
Still, there is a staunch fact that cannot be denied: thousands of people sold at a loss throughout the crypto winter of 2018 and are still doing so. Bitcoin is as much a philosophical movement as it is an asset class.
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