Tom Lee, the famous financial analyst whose remarks are often fair, explained that the downtrend from the beginning of the year observed on the market of crypto-currencies was about to come to an end. Very soon, the prices are expected to rise.
A bad pass required
Tom Lee is not worried about the future of Bitcoin and other digital currencies. The market collapsed, since the month of January, which has discouraged many investors. But, according to the financial analyst, it is not necessary to turn away from virtual currencies, because this downward trend is logical and should soon come to an end.
Pixabay – Designerkottayam / According to the specialist, the price of Bitcoin should soon increase.
It is in a note to investors published on Tuesday that the man said that the decline was near the end : “We believe that the current period of “purgatory” is going to last between 150 and 175 days, and that a bull market for altcoins will really be between mid-August and mid – September. The reason for this relatively long duration is related to the “dark clouds” that surround the ecosystem and threaten especially the altcoins. “
“Dark clouds “
Tom Lee speaks of the ” dark clouds “. He just wants to talk about the various issues surrounding crypto-currencies in recent weeks, and decision-making, such as those of Facebook or Google. These are normal adjustments, which have inevitably had an impact on the price of crypto-currencies.
Pixabay – Leamsii31 / The financial analyst is convinced that the future of crypto-currencies is bright.
But this downward trend would finally come to an end according to the financial analyst : “based on the trajectories of the three previous periods of the downward market of altcoins, and the fact that these periods have lasted about as long as the increases that preceded them, the probability that the current downturn is coming to an end is high. “
Tom Lee goes even further since it gives the precise figures, estimating that within two years the Bitcoin will be worth 91 000$. The future will tell us if he was right.
Source : Crypto News