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Fundstrat’s Thomas Lee: Bitcoin [BTC] bearish market will transcend into a bullish one in 2019




Bitcoin [BTC] to switch from bears to bulls in 2019: Fundstrat’s Tom Lee
Source: Unsplash

Thomas Lee, the renowned Bitcoin bull and the Head of Research at Fundstrat Global Advisors, has come out to state that most technical analysts are switching their Bitcoin [BTC] predictions for 2019 from bearish to bullish.

Following the February 8 uptrend, which saw the overall market cap add a whopping $9 billion in less than 24-hours and saw coins reach massive double-digit percent increases against the US dollar, proponents are hopeful, and Tom Lee backs this hope with numbers.

Lee appeared on Fox Business to reiterate his bullish sentiment for the coin and then took to Twitter to state the same. He referenced a piece from a “MagicPoopCannon,” titled, “Odds Increasing That The Bitcoin bear is Dead!” and added that the analysts who were bearish on cryptocurrencies in 2019 are switching to the bull. He added that the piece looks at a 200-week moving average acting as the support, which people like Robert Sluymer, the Managing Director and Technical Strategist at Fundstrat, have noted as well.

In his analysis, MagicPoopCannon compared the Bitcoin price charts from early-2015 to the current period. He stated that there is a triangle formed using the 200 MA and that Bitcoin has, “rallied back into the triangle formation that it broke down from”. He added that if the coin could close its daily price candlestick inside the triangle, that would represent 2015-like conditions and prove to be a bullish swing.

MagicPoopCannon had earlier confirmed that Bitcoin would bottom at $2,000 and that the February 8 bullish push could prove a strong technical case for the top cryptocurrency. Bitcoin surged from being just under $3,400 at the start of the trading day on February 8 to a high of almost $3,700 at the close of the day, a remarkable rise following weeks of bearish movement.

He also drew several parallels between LTC’s recent rise, which saw the coin surge by over 30 percent, and that of Bitcoin’s, he added that “as soon as LTC began to move, I figured BTC would follow suit”. The analyst believes that if Bitcoin can push above the 50 EMA market and further to the top of the downtrend channel, then:

“In my opinion, that would basically confirm that the bear market has ended.”

The support is pegged at the 200-week EMA, which as current price movements go, stands at $3,300 and if Bitcoin would edge below this point, thereby failing to end outside the triangle, the trend would reverse.

As the cryptocurrency markets turned for the better on February 8, Tom Lee listed out nine incremental improvements in the landscape that will push cryptocurrency prices upwards. In it, he added that the value of the US Dollar is expected to fall, institutional investors will see institutional grade custody solutions and top exchanges like Binance will add credit-cards to their offerings. All this and more, according to Tom Lee and his team at Fundstrat, will push Bitcoin and other cryptocurrencies upwards in 2019.

Some Twitter users were not very hopeful, despite Lee’s prediction. Carlin Lee tweeted:

“Rattling around in a downward trend channel is bullish? I think not.”

Tim Les, tweeted:

“it doesn’t matter if you’re bullish if there are no buyers.”

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John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more





John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!

4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!

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