• Fundstrat identified 11 signs that take place only in a bull market.
  • BTC’s standard deviation from the S&P 500 could push it higher.

Longtime Bitcoin bull Tom Lee told CNBC that the crypto winter is over and the bull market is back. Lee, a managing partner and head of research at Fundstrat Global Advisors, said:

“Last year was a terrible year for crypto, a massive bear market, and we published a piece this week just highlighting … 11 signs that historically only take place in a bull market. So I think the evidence is mounting that there’s a bull market.” 

Some of these positive signs, as per Lee, are as follows:

  • In January, the trading volumes on the blockchain turned positive year over year. The turmoil in Venezuela and Turkey helped this.
  • In April, Bitcoin closed above its 200-day moving average.
  • Fundstrat’s survey of over-the-counter brokers showed that activity levels based on the number of clients saw a 60% to 70% increase and that trading per client surged.
  • Shrinking supply.
  • A positive swing in Fundstrat’s “misery index.”
  • Consensus among long-time Bitcoin bulls that the market has bottomed out.
  • The recent golden cross on Bitcoin.

Lee had earlier predicted the 2019 bull market in March. He added that BTC’s standard deviation from the S&P 500, could help it push higher:

“One thing to keep in mind is whenever the S&P has made a big move, ... it’s almost always led to a big move in crypto later in the year,” he said. “So I think … a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying that’s where it’s going to go, but that’s the magnitude of move that would be a catch-up.”

Bitcoin traded in a wide range Friday on account of weakness in the broader cryptocurrency market, settling in roughly the $5,100 per coin range. Lee noted in a Friday call with CNBC that tether’s issues don’t have “much effect on bitcoin,” since most people are “long tether because [they] don’t want to be long bitcoin.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Polkadot: Must reclaim key level for a chance to see new all-time highs

Polkadot price is contained inside a symmetrical triangle pattern on the 4-hour chart. The digital asset faces a key resistance level which could be the key to new all-time highs. Investors are interested in Polkadot as a potential alternative to Ethereum in the long-term.

More Polkadot News

VeChain: Edges closer to a breakout

VET price is consolidating in a descending parallel channel on the 1-hour chart. A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing.

More VeChain News

Ocean Protocol’s latest developments could provide OCEAN price tailwind for a 60% upswing

Ocean Protocol announces a collaboration with Benchmark protocol to expand the DeFi data economy. Now, it's price needs to reset before it goes on a 60% bull rally to new highs.

More Cryptocurrencies News

Fundamentals grow strong despite crypto market-wide correction

Kraken CEO believes Bitcoin will hit $1 million. Leading brokerage firm Charles Schwab is planning to roll out crypto trading services.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast