Wall Street-famed bitcoin bull Tom Lee believes that the recent bitcoin price breakout, where its price surged 17 percent in 30 minutes, was due to the resurgence of crypto whales. In light of that re-emergence, Lee said bitcoin is now in a bull market.
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Whales Are Back in Action
Lee, the managing partner at Fundstrat Global Advisors, broke with tradition about bitcoin’s recent bull trend on Bloomberg’s flagship markets program, ‘What’d You Miss?’
He claimed whales have started accumulating once again after remaining mostly inactive during the year-long crypto winter.
“We have had evidence that what they call OG’s, you know or the whales – the original holders of crypto, are starting to accumulate again,” said Lee.
When asked whether any hints suggested bitcoin will enter the bull market, Lee opined that there were some clues pointing to growing bullish momentum, such as growth in emerging markets and a weakened US dollar.
Crypto Market U-Turns
When asked why there has been a sudden shift in sentiment, Lee replied that bitcoin, world’s largest cryptocurrency by market cap, has closed above the 200-day moving average. This suggests the market has turned towards a bull trend.
Meanwhile, some independent analysts suggest that the recent spike in the bitcoin price is due to washing trading and algorithm funds.
Gavin Brown, a senior lecturer in Financial Economics at Manchester Metropolitan University, told Forbes that crypto exchanges are using bots to pump volume and attract real investors.
Lee, however, is convinced the recent rally was based on “true buying” from real investors.
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