Parabolic Bitcoin Bull Run Is Not Over Yet, According To Wall Street Strategist
The crypto market fell these days just when experts were expecting Bitcoin to boost its price again. Now, the most important digital assets are trading in the red.
At the moment of writing this article, BTC is trading in the red as well, and the coin is priced at $10,161.01.
Despite the fact that BTC’s price dropped, it seems that the optimistic predictions keep pouring.
Tom Lee believes that the BTC parabolic run is not over
Tom Lee believes that the parabolic Bitcoin run is not over yes, despite the fact that the crypto market has been pretty bloody lately.
He believes that BTC is still consolidating following the big run in the first half of this year.
During an interview with Fox Business, Lee said that the question of whether Bitcoin is a safe haven asset has already been answered in countries such as Colombia, Venezuela, and Argentina.
In these countries, people turned to BTC amidst economic turmoil and hyperinflation.
“You can see it in markets where there is turmoil. The local Bitcoin prices tend to surge and trade at a premium because people are trying to find ways to protect their money,” Lee said.
He continued and noted that “In December, [Bitcoin] was $3,000. So it’s done very well this year. It’s really uncorrelated to equities, to bonds, so it’s a good diversification hedge. And I think it’s just resting. It’s had a big move, and it’s consolidating and this is a good chance to get more.”
BTC may hit new all-time highs
Lee says he believes Bitcoin’s parabolic movement this year is not over yet, and BTC may hit new all-time highs by the end of the year.
“I think it’s going to be much higher by the end of the year and potentially at new all-time highs.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.