- Tom Lee, the well-known bitcoin uber-bull, says that the once-hot cryptocurrency will get away to new record highs in July.
- He argues that the majority of bitcoin selloffs are “V-shaped,” and says that recoveries take 1.7 events the dimensions of the downturn.
Bitcoin‘s foremost bull is at it as soon as extra.
Tom Lee, the managing confederate and head of study atFundstrat World Advisors, says that the once-hot cryptocurrency will make a comeback for the ages and re-test record highs by July.
It will be an unimaginable rebound for bitcoin, which plunged as lots as 70% after reaching an all-time extreme of $19,511 in mid-December. And whereas this will seemingly seem nuts, Lee has data to help his assertion.
He analyzed the 22 prior occasions that bitcoin dropped higher than 20% and positioned that, all through bull durations, recoveries take 1.7 events the size of a decline. If that growth holds, the cryptocurrency would acquire…