Ignore that Tether-induced Bitcoin price sell-off. Why? Because Fundstrat Global Advisors’ Tom Lee says that crypto spring has sprung.
Speaking with CNBC, the Bitcoin bull revealed that proprietary Fundstrat analysis indicates that the flagship cryptocurrency has begun to storm into a bull market.
Translation: prepare for the Bitcoin price to continue pounding higher.
According to Tom Lee, three factors converge to confirm Bitcoin’s optimistic outlook.
1. Busy Blockchain
The first sign relates to blockchain transaction volumes. Lee noted they finally turned positive on a year-over-year basis in late January.
2. The Bitcoin Price’s Technical Indicators Scream Bullish
A key indicator, BTC/USD smashing above its 200-day moving average, is another wildly-positive sign. Lee said: