Bitcoin News

Tom Lee: August’s Bitcoin (BTC) bull run will be for healing purposes

Tom Lee, a Bitcoin ambassador, has this time around restricted himself from giving a specific price for Bitcoin during the next Bitcoin (BTC) bull run which he slated for August.

In 2018, Lee predicted that a Bitcoin (BTC) bull run would take place and Bitcoin would close the year at a high of 25 thousand U.S dollars. Unfortunately, instead of a Bitcoin (BTC) bull run, the bears took over spiraling Bitcoin to around 3 thousand U.S dollars.

While giving his predictions for 2019, Lee still believes that Bitcoin will appreciate in price. However, Lee failed to put a specific price on his prediction.

According to Lee:

2019 is a year [of] repair. We have a risk-on rally in global markets that’s positive for Bitcoin; it was a headwind last year, and the dollar isn’t surging like it was last year. That’s a headwind that’s gone away.

Tom noted that the next Bitcoin (BTC) bull run will happen in August and it will bring positive gains across the cryptocurrency market.

His predictions touched on the recent developments involving J.P Morgan, Mizuho Bank, and Facebook. For Lee, the hyperinflation being experienced in Venezuela is part of the turmoil causing adoption and “setting us up for a strong year.”

As noted by NullTX, during Lee’s predicted Bitcoin (BTC) bull run in August:

The damage that needs to really be repaired is that collapse from $6,000 to $3,100, which came after the fork wars with bitcoin cash… Bitcoin’s going to spend a lot of time below $6,000 sort of fixing itself. The outside window is five or six months before Bitcoin starts to look technically like it’s back in a bull market.

Other factors influencing Lee’s predictions include the entrance of Yale University in the cryptocurrency space and the new crypto custody platform launched by Fidelity Investments.

Do you think Lee’s predictions of a Bitcoin (BTC) bull run in August are likely to come true given the current Bitcoin price?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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