Fundstrat Global Advisors co-founder Thomas Lee: Bitcoin is back in a bullish trend

Fundstrat Global Advisors co-founder Thomas Lee said that Bitcoin (BTC) is back in a bullish trend during an interview with Bloomberg published on April 5.

During the interview, Lee pointed out that Bitcoin’s critics declared the cryptocurrency dead because it lost 90% of its value. However, it has now broken over its 200-day-moving-average, which is why he thinks sentiment has to change and that BTC is currently in a bull market. Lee noted that a tailwind for Bitcoin formed this year because the dollar wasn’t strengthening and China’s equity multiplier has been growing.

Lee also noted that there is evidence that the so-called whales — investors who hold great quantities of cryptocurrency — have started accumulating more crypto once again. He said:

“A lot of them sold, in early 2018, that’s dry powder, they’re starting to put that to work.”

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