Tom Lee: the Bitcoin correction on $ 10,000 is “healthy”
Home News Tom Lee: the Bitcoin correction on $ 10,000 is “healthy”
Marcus Misiak –
The Bitcoin (BTC) price in the last five days of strong losses. The co-founder of Fund Global Advisers Thomas Lee joined called the Down-Trend in a Twitter message, but as a healthy. The same Tweet also referred to the question of the reduction of the Bitcoin search volume in Google.After the BTC price has risen on the last Wednesday for the second Time this year, over 13,000 USD, the Bitcoin price is in a clear Down Trend. At the time of writing Bitcoin is around 9.575 USD, a decrease of around 30 percent compared to the previous year high of 13,900 USD. Despite these heavy losses, which led to the Bitcoin Fear and Greed Index to a mood of “extreme anxiety”, is Tom Lee of the Fund, entered still quite optimistic.
In a recent response to Morgan Creek’s Jason Williams in the Wall Street-based, convinced Bitcoin-COP explained that it is “healthy” to see this price movement in Bitcoin. Lee justified his assertion with the fact that the search volume of Bitcoin, as it is of Google Trends is calculated, is still low. The recent decline is therefore useful and can be regarded as a “good sign”. According to Lee, the fact that the search volume for the keywords “Bitcoin” and “crypto” are not on the level of 2017 has increased, that there is no “massive Hype” and the last rally is still in the early phases.
What affects the search traffic for Bitcoin, I also think that this is a good sign. This means that the rise of Bitcoin has not been accompanied by a massive Hype.
It’s healthy to see #bitcoin pullback here.
As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in bitcoin has not been accompanied by massive hype.
— Thomas Lee (@fundstrat) July 14, 2019
Like Google Trends, a Google-provided search analysis tool, indicated, has been the Region of the United States a decline of the Bitcoin search volume by almost 45% over the recent peak of the Bitcoin price.
As The Crypto Monk noticed, established BTC in previous bull runs a pattern in the parabolic introduced an Upward trend, and consolidated have been broken before it came to other parabolic trends Upward. Apart from the fact that Bitcoin is currently in a bull market, you could repeat this same series of events.
In a recent Interview, Lee stated that he will continue to look at them to 20,000 or even 40,000 USD as a price target for Bitcoin to the end of the year. In reference to Donald trump’s Tweets, Lee said that the Tweet for the industry to be “positive”, because it reinforces the idea that crypto-currencies are a relevant topic on the global geopolitical and macro-economic stage. In fact, the words “Bitcoin” and “crypto” in the last few weeks, always in conjunction with Mainstream to listen to organisations and governments worldwide.
Lee stated that trump’s comment “makes the other 99% of the world’s inhabitants more sensitive [for crypto-currency].” And if 1% of this new audience kind of value in the crypto currency market, it would double the size of the Community to this asset class de facto immediately.
Changpeng Zhao, the CEO of Binance said in a recent Interview with Bloomberg, that the rally is driven mainly by private investors. Zhao said that retail investors now account for 60% of the total trading volume:
We have seen no institutions that grow faster. What we have seen is the pick up in both locations. The number of institutions that come into this industry, has not increased in 2019, yet so strong.
Another factor that gives crypto a boost, is margin trading. Binance has launched last week the margin trading. In this regard, Zhao said:
I would say that the majority of people will use until the end of the year, the margin in some way. It is pretty easy to use, to be honest. There will be more trading volume and possibly higher volatility.
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