Cryptocurrency market update: Bitcoin is unbothered by Tether (USDT) ongoing woes, says Tom Lee
|- Tom Lee expects Bitcoin to correct to new highs within the next couple of years.
- Bitcoin’s commenced bull rally is as a result of improved fundamentals and technical levels.
Cryptocurrency top analyst Tom Lee of Fundstrat still believes that Bitcoin has the potential to hit new highs within the next couple of years. While speaking to CNBC, Lee said that although Bitcoin dived the zone around $5,000 following news of Tether (USDT) and Bitfinex exchange being investigated, BTC/USD was going to continue trending upwards in tandem with a bull rally that has already commenced.
Tom Lee said that Bitcoin daily trading volumes have been boosted significantly over the past four months. Moreover, the uptrend is mainly supported by technical as well as fundamental levels in relation to DLT. The volumes are partly supported by several third-world countries that are turning to Bitcoin amid the pitfalls of their local currencies. According to Lee:
“Fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto hodlers.”
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