Tom Lee, Bitcoin Bull, states that there is a bull market. He said, “Last year was a terrible year for crypto, a massive bear market, and we published a piece this week just highlighting … Eleven signs that historically only take place in a bull market. So I think the evidence is mounting that there’s a bull market.”
Lee relies on the technical indicators and trading volumes when supporting the bullish trend. The people in Venezuela and Turkey are losing trust in their currencies. He stated, “People are saying, ‘Look, I don’t trust using these local currencies. I don’t trust the banks. I’m going to start using bitcoin.’ And that’s what’s causing the on-chain volume to take off.”
So, when Bitcoin takes off, then other Altcoins like TCAT tokens will also take off. The 200-day moving average of April when the Bitcoin closed above the average is also considered a sign of bullish momentum arriving.
The real activity, apart from the fundamental and technical, is from the HODLers. The new golden cross is also cited to be one of the bullish signals for Bitcoin. Lee opines that Bitcoin is not done with the climbing. All of the catalysts will sure drive the price of the Bitcoin to new all-time highs in 2020.
With the coming of the Tether converting BTC to USDT became a lot faster. Lawsuits about Tether used to manipulate the price of the Bitcoin has been rubbished as “copycat.”
Bitfinex recently stated, “As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday.”
The prices are going up and down, and it leaves investors wondering it is heading anywhere at all. The image of the Bitcoin has tarnished because of legendary investors like Warren Buffett calling it “rat poison squared”?
The highs and lows of the Bitcoin throughout 2019 have been tied to the same news. Despite all this, there are believes in the Bitcoin and the new class of stable coins and Altcoins. Speculators make the major force of believers. They are willing to sport deep losses, and they keep the cryptocurrency markets alive.
There are more than 5000 Altcoins in the market. Some of them do not stay to see the light of the day beyond a year. Yet others survive, and some new ones keep cropping up. Bitcoin continues to stand tall regardless of the piling 5000 plus Altcoins, and it continues to dictate the price trends that the Alts should rise and fall, when and where.