Given the performance of Bitcoin (BTC) since the start of 2019, especially the major gains realized in April, several analysts say BTC is set for a bullish year.
According to Tom Lee of Fundstrat Global Advisors, the prolonged bear market of 2018 is now a thing of the past. Lee posits that there is already a significant flip in market sentiment leading to increasing investor appetite for Bitcoin.
Speaking to MarketWatch, The Fundstrat chief analyst opined:
Risk appetite is positive for bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for vol [volatility] that’s building a base case for bitcoin.
Lee, known for making BTC price forecasts believes Bitcoin will top $10,000 sometime in 2019. Earlier in April, Lee made the case for Bitcoin’s fair value amounting to about $14,000 based on the present mining cost.
Fundstrat analysts say fundamental market forces have shifted to the positive side. This shift effectively forms a tailwind which they expect will push the price of BTC higher in 2019.
News feeds from various cryptocurrency informational sources.
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