Fundstrat Global Advisors co-founder Tom Lee said on CNBC that Bitcoin is about to explodeto a record high. The driver for strengthening the BTC rate will be an increase in the S&P 500 stock index.
The businessman emphasized:
«Bitcoin has been a little different latelystalled because macro forecasts weakened. I think Bitcoin will not be able to rise without a new trend. The next catalyst will be a breakthrough in the stock markets.
Bitcoin has fallen 12% from its June peak, and @Fundstrat‘s Tom Lee says one unexpected thing could propel its next move higher. pic.twitter.com/tny5hDm6lw
— CNBC's Fast Money (@CNBCFastMoney) September 12, 2019
According to Tom Lee, securities will rise in price,and Bitcoin will be perceived as a profitable asset. In this situation, cryptocurrency will begin to move in the same direction as the main stock markets. If shares add, then BTC will also go up, said the co-founder of Fundstrat.
Investors can focus on the dynamicsmovements of the S&P 500 index. If by the end of this year this indicator exceeds 3125 points, then we will be in for the onset of an aggressive Bitcoin rally phase. Now the S&P 500 indicator is about 3000 points.
Lee bases his forecast on the trajectory of BTC over the past 10 years. From the very moment of its appearance, Bitcoin showed us highs during periods of rise in the S&P index, the businessman added.
Tom Lee has repeatedly stated in the past that many investors already view Bitcoin as a safe asset.
The coin is most in demand in thosecountries where various shocks occur. Local investors are moving into those assets that can protect their capital. This list includes bitcoin and gold.</p>