Tom Lee, co-founder of Fundstrat Global Advisors on CNBC, reiterated that Bitcoin is preparing to "shoot" to a record high. The driver of the strengthening of the BTC will be the increase in the S&P 500 stock index.
The businessman emphasized:
“Bitcoin has somehow stalled lately,because macro forecasts have weakened. I think that 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.
You can focus on investors dynamicsthe movement of the S&P 500 index. If by the end of this year this indicator exceeds 3125 points, then we will expect the onset of the aggressive bitcoin rally phase. Now the S&P 500 indicator is about 3000 points.
Lee builds his forecast on the BTC trajectory over the past 10 years. From the very moment of its appearance, bitcoin has shown us highs during the take-off periods of the S&P index, the businessman added.
Tom Lee has repeatedly stated that many investors now regard Bitcoin as a reliable 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>