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Permabull: Bitcoin is now bullish

Permabull: Bitcoin is now bullish

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Fundstrat’s Tom Lee, who has been relentlessly bullish for several years now, told Bloomberg that the market is now in a bull trend.

 

Bitcoin permabull and Fundstrat analyst Tom Lee has told Bloomberg that bitcoin is back in a bull trend.

 

Over the last week, we have seen the mainstream media once again dip their toes in the warm waters of bitcoin as Crypto Winter has apparently thawed. The surprise move above $5,000 – a jump of over $1,000 – has dampened criticism from those who proclaimed bitcoin’s death.

 

Lee is a noted bull, who has been calling for a bull trend ever since bitcoin came off its peak of $20,000 at the end of 2017. Lee famously predicted prices of around $50,000 back in 2017, and even recently claimed bitcoin’s ‘fair value’ was $14,000, when the market values it at a fraction of that price.

 

‘Bitcoin made a move that looks like it was based on true buying and closed above its 200-day moving average,’ he explained to Bloomberg about the recent price development. Lee’s definition of a bull market is straight forward: price remains above the 200-day moving average. So long as bitcoin goes above that 200-day value and holds it, we’re back in a bull trend, he says – so ‘Sentiment ‘has to change’.

 

Lee also cites ‘tailwinds’ for bitcoin – the dollar weakening, economic slowdown in China, and Bitcoin’s ‘OG’ or whales starting to accumulate coins again.

 

Now, he may be right. Maybe. But the problem with Tom Lee is that he is a permabull, and a permabull is like a stopped watch – it’s right twice a day. Bitcoin might be in a bear market still, and it might be in a bull market. The next few weeks should tell us for sure. But let’s not pretend that Tom Lee’s outlook on this is going to change based on the technicals or fundamentals. He’s going to be bullish at $1,000 and he’s going to be bullish at $100,000.

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