Tom Lee: Cryptocurrencies Will Reach New Highs in 2020
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April 30, 2019
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Tom Lee, Fundstrat Global Advisors' founder, said in an interview with CNBC that cryptos will reach new highs by 2020.

He said that, after analyzing "11 signs that usually only take place in a bull market", the bullish trend of the largest cryptocurrency by market cap has not come to an end yet, stating that it will reach new highs in 2020.

Fundstrat's founder has said that three of these signs - blockchain, technical indicators and trading volumes - show that the fall of the crypto market is over.

The first sign appeared in January, when Lee's team realized that blockchain's trading volumes had changed from negative to positive. While the second sign appeared in April, when Bitcoin closed above its 200-day moving average, a widely accepted technical indicator of bullish momentum.

Early in April Lee said that the Bitcoin Misery Index (BMI) had recently reached its highest level since June 2016.

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