The renowned Crypto enthusiast, Tom Lee of Fundsrat, who always got a lot of comments to say about Bitcoin, mostly bullish remarks, has recently offered a prediction for when the next bull run will kick-start. In his latest remarks, Tom Lee said that the next bull run will start in August.
In an interview with CNBC’s Futures Now, Tom Lee posited that the next bull run could potentially occur in the next six months, saying that it is likely. In fact, he actually put a timeframe on it too, predicting that the bull run would happen in August, although he was somewhat free on this estimate.
In the words of Tom Lee:
“The key number to watch is the 200-day moving average…Bitcoins bouncing along that. If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”
Lee has previously talked on CNBC that “…. investors are still recovering from collapse in crypto markets…many got very defensive.”
In addition to this, Lee said that Bitcoin usage and adoption is on the increase. He cited Venezuela as example, a country that is witnessing upsurge an in the use of cryptocurrencies.
In the interview, the topic of conversation shortly switched to JP Morgan Chase and how they are working to release their own token dubbed the JPM Coin. Tom Lee Commented on it saying:
“I think things like JPMorgan Coin and Facebook Coin are really sort of creating use cases and, actually, I think some credibility. JPMorgan’s coin is essentially a stablecoin. I think it’s not a threat to bitcoin.”
Lee was then asked about what makes him feel bullish on Bitcoin’s future prospects and he said:
“I think the real story for bitcoin’s and cryptocurrencies future is whether or not it’s going to become an asset class…as an asset class, it’s still the earliest days. [Following the Bitcoin Cash hard fork] Bitcoin is going to spend a lot of time in the low 6000s fixing itself.”
Tom Lee is clearly a renowned crypto enthusiast with serious bullish sentiments when it comes to cryptocurrency but despite his optimistic views, Fundstrat has warned investors that the market could sink to a new low before it hits back and makes gains.
Note: Opinion expressed in this article is not a financial advice. Investment in cryptocurrency is very risky and as such you are advised to do proper research before making your decisions since mntrends will not be held responsible for any loss resulting from it.