Bitcoin (BTC) is basically enjoying parabolic movement in the market. Its recent price upsurge has surprisingly beaten the imagination of the cryptocurrency optimists. Analysts have not really pinpointed the major initiator of the notable upsurge, but Thomas Lee, the Fundstrat Global Co-founder, believes that Bitcoin is possibly having days ahead to surpass its old highs, adding that crypto winter is over.
Bitcoin has been firing on all cylinders in terms of price recently. It seemed settling below $8,000 before the latest break-out, which took BTC beyond its $9,000 resistance levels.
Other cryptocurrencies such as Ethereum (ETH), Ripple XRP, Litecoin (LTC) and almost all the top 10s are beginning to incorporate with Bitcoin’s rising rally.
One of the top 10 digital currencies that have reacted well to Bitcoin’s price uptrend is Ethereum, and the least has been Binance Coin (BNB). ETH had sometimes last week lost its price growth, but is now regaining its lost momentum.
Ripple XRP is starting to leverage the price uptrend of Bitcoin (BTC) as it now trades above $0.4 resistance level. Despite its slow growth, some of its resolute investors still believe it will hit $7 sooner than later.
BNB suffered a devastating price crash after Binance exchange announced that it will be bidding farewell to its United States customers by early September 2019. However, the exchange launched its US dedicated exchange to cushion the effect, but this has initiated discontentment among some customers that see the move as unfortunate.
This major decision from Binance was said to have contributed to the early downside trend of the majority of the digital currencies, but a big means to soar for Bitcoin (BTC).
Bitcoin is in excellent condition in the crypto market. It has sidelined some minor resistance levels, surging to surpass $9,500 mark, which would precede beating other challenging huddles one at a time. At press time, Bitcoin is trading at $9,246.19, with 6.09% price upsurge in the last 24 hours. Analysts believe this might be bullish trend for BTC.
Thomas Lee Believes Crypto Winter is Over, Considering the Uptrend of Bitcoin
Thomas Lee, Co-founder at Fundstrat Global, is a well-known Bitcoin enthusiast. Crypto sphere is still awaiting the fulfillment of his 2020 BTC price prediction.
In one of his recent tweets, Lee captioned the chart of the past price of Bitcoin highs, which also covers the present, noting that the digital currency has attained its 2019 highs.
Looking closely at the chart and the growth trend of Bitcoin, Lee posited that BTC could surpass its old highs in days time. He thereby opined that crypto winter is over.
He said “Taking a step back, with BTC bitcoin at new 2019 highs, don’t those old highs look like a few FOMO days away? Crypto winter is over…”
Crypto winter is over… pic.twitter.com/1neKiEzaFA
— Thomas Lee (@fundstrat) June 16, 2019
There are predictions, and more are still on the way as Bitcoin breaks more resistance levels. Some analysts believe it would still retract before another parabolic movement. However, as at now, there is no indication that BTC would drop price significantly, but giving to its volatility, anything is possible any time.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.