{"id":382902,"date":"2019-05-20T08:30:19","date_gmt":"2019-05-20T08:30:19","guid":{"rendered":"https:\/\/wncen.com\/?p=382902"},"modified":"2024-06-11T13:40:06","modified_gmt":"2024-06-11T13:40:06","slug":"tom-lee-bitcoins-move-back-to-8000-confirms-the-end-of-crypto-winter","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tom-lee-bitcoins-move-back-to-8000-confirms-the-end-of-crypto-winter\/","title":{"rendered":"Tom Lee: Bitcoin\u2019s Move Back to $8,000 Confirms The End of Crypto Winter"},"content":{"rendered":"

There is no doubting that Bitcoin and crypto markets<\/a> have been on fire recently. Since the beginning of April Bitcoin has almost doubled in price driving market capitalization back over $200 billion again. The ice from the crypto winter appears to have melted and some industry analysts are convinced it is now definitely over.<\/p>\n

Tom Lee\u2019s 13 Reasons<\/h2>\n

Fundstrat Global Advisors’ permabull Thomas Lee tweeted his thirteen reasons why the crypto winter is now over. After stating what he described as a \u2018disturbing pullback to $6,200\u2019 Lee added that the return to $8,000 was confirmation that the trend is intact.<\/p>\n

Some of Lee\u2019s reasons have more weight than others but he starts with a look back to November 2018 and the Bitcoin Cash hash war that many speculated caused the final capitulation down to $3,200. Next he observed that Grayscale\u2019s Bitcoin Trust<\/a> saw its NAV premium fall to 5%, its lowest level since 2017 which also implied that the capitulation had occurred. The fund premium has since surged to 41%.<\/p>\n

Daily on-chain transactions have turned positive for the first time since January 2018 and by March Fundstrat\u2019s Bitcoin Misery Index crossed above 67 for the first time since August 2017. In early April Bitcoin closed above the 200 day moving average for the first time in thirteen months.<\/p>\n

Over the counter (OTC<\/a>) volumes have also started surging with multiple brokers reporting new client activity surging 60-70 percent compared with four months ago. There was also speculation that US president Trump\u2019s escalated trade war with China has spurred buyers there into loading up on Bitcoin as a safer store of value.<\/p>\n

The Bitcoin \u2018golden cross\u2019 in late April was a huge technical indicator that the trend has reversed. Minimal reaction to negative news such as the Tether imbroglio and the Binance hack also confirms major confidence in crypto markets. Finally this month\u2019s Consensus crypto conference was the confirmation that crypto winter is over according to Lee.<\/p>\n

\n

After a disturbing pullback to ~$6,200, #Bitcoin<\/a> back >$8,000 further cementing positive trend intact. <\/p>\n

As we said a few weeks ago, Consensus 2019 @coindesk<\/a> was to prove whether crypto winter is over…<\/p>\n

…confirmed pic.twitter.com\/M8ni4g2YvX<\/a><\/p>\n

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) May 19, 2019<\/a><\/p><\/blockquote>\n