• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Tom Lee: Bitcoin’s Move Back to $8,000 Confirms The End of Crypto Winter

Martin Young by Martin Young
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
crypto winter
Advertisement
Nexo Logo
Listen to Article

There is no doubting that Bitcoin and crypto markets have been on fire recently. Since the beginning of April Bitcoin has almost doubled in price driving market capitalization back over $200 billion again. The ice from the crypto winter appears to have melted and some industry analysts are convinced it is now definitely over.

Tom Lee’s 13 Reasons

Fundstrat Global Advisors’ permabull Thomas Lee tweeted his thirteen reasons why the crypto winter is now over. After stating what he described as a ‘disturbing pullback to $6,200’ Lee added that the return to $8,000 was confirmation that the trend is intact.

Some of Lee’s reasons have more weight than others but he starts with a look back to November 2018 and the Bitcoin Cash hash war that many speculated caused the final capitulation down to $3,200. Next he observed that Grayscale’s Bitcoin Trust saw its NAV premium fall to 5%, its lowest level since 2017 which also implied that the capitulation had occurred. The fund premium has since surged to 41%.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Daily on-chain transactions have turned positive for the first time since January 2018 and by March Fundstrat’s Bitcoin Misery Index crossed above 67 for the first time since August 2017. In early April Bitcoin closed above the 200 day moving average for the first time in thirteen months.

Over the counter (OTC) volumes have also started surging with multiple brokers reporting new client activity surging 60-70 percent compared with four months ago. There was also speculation that US president Trump’s escalated trade war with China has spurred buyers there into loading up on Bitcoin as a safer store of value.

The Bitcoin ‘golden cross’ in late April was a huge technical indicator that the trend has reversed. Minimal reaction to negative news such as the Tether imbroglio and the Binance hack also confirms major confidence in crypto markets. Finally this month’s Consensus crypto conference was the confirmation that crypto winter is over according to Lee.

After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.

As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…

…confirmed pic.twitter.com/M8ni4g2YvX

— Thomas Lee (@fundstrat) May 19, 2019

Big Bullish Week

Bitcoin price 7 days. Coinmarketcap.com

Bitcoin had a huge week with record volume levels over $100 billion and a massive candle to close it. With a surge of 13 percent in seven days all talk of that massive correction has diminished as analysts look for the next levels of resistance. Full time trader ‘The Crypto Dog’ has done the charts and called weekly resistance at $8,215 and support around $7,300. He added;

“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”

At the time of writing Bitcoin had surpassed $8,000 again and was trading up 2.7 percent on the day. It reached an intraday high of $8,250 where it hit resistance during Asian trading a few hours ago.

Image from Shutterstock
Tags: bitcoinbtccrypto winterFundstratTom Lee
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Ethereum

Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying

8 hours ago
etoro

eToro Nudges Investors Towards Crypto Trading as They Consider Portfolio Diversification

14 hours ago
5 Projects Bringing Institutional-Grade Products to Crypto

5 Projects Bringing Institutional-Grade Products to Crypto

2 days ago
RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

3 days ago
router

Emerging DeFi Project Router Protocol Raises Seed Funding, To Launch Cross-Chain Farming Soon

3 days ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

5 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

AC Milan to Join Sports Crypto Movement With Launch of $ACM Fan Token

January 19, 2021

Institutional-grade Crypto Exchange AAX Reports Record Fiat-Crypto Purchases in 2021

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.