SAYS TOM LEE: BITCOIN PRICE CHART SHOWING A HUGE BULL SIGNAL

Tom Lee is Fundstrat Global Advisors’ Managing Partner and Chief Analyst, a long time bull for BTC, He said that the current Bitcoin price is giving a “huge bull signal” and showed a lot of positive energy. Lee earlier changed his predictions on end of the year 25,000 that got a lot of attention. Now just doubling down on his bull spirit on bitcoin in 2018. “It turns out that that’s actually a pretty positive signal,” Lee said.

From $6150 and $6750 range, Bitcoin (BTC) $7328.78 +0.32% broke out, surging past $7000 in roughly around five minutes July 17, reaching highs above $7500 on some exchanges. The current price point of the world’s first and foremost cryptocurrency is a massive bull signal according to the analyst. He notes that BTC trades roughly around 30 percent below its 200-day moving average.  “Bitcoin is trading 30 percent below its 200-day it’s a huge bull signal because … if you look forward six months you’re gonna do pretty well owning Bitcoin.”Lee said.

Earlier when Tom Lee tries to clarify that he didn’t cut his bitcoin year-end forecast, on CNBC

Tom Lee: I want to be clear, bitcoin is going to $25,000 by year end from CNBC.

That’s 20 percent less than his $25,000 target. However, Lee later clarified his position on “Fast Money,” saying Thursday evening he “may have misspoke a little bit” and still stands by his $25,000 forecast. It all started when the Fundstrat Global Advisors co-founder said on “Squawk Box” that “bitcoin has historically traded at 2.5 times its mining costs.”  However, Lee later clarified his position on “Fast Money,” saying Thursday evening he “may have misspoke a little bit” and still stands by his $25,000 forecast.

Tags: Bitcoin, eth, bitcoin price, bitcoin price prediction, Bitcoin bull Tom Lee wants Wall Street, bitcoin year-end forecast

Mohsen Daemi
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