Popular Bitcoin Bull and Fundstrat exec Tom Lee, has said that there is a correlation between the equity market and the Bitcoin market. Lee says that Bitcoin with reach a new all-time high after the S&P 500 stock does as well.
The VanEck’s Limited Bitcoin ETF has proved unimpressive so far with only 4 BTC tokens issued. Some crypto experts have also slammed VanEck for its marketing gimmick saying the product is nowhere close to real ETF.
Saying that Bitcoin can be viewed as a safe haven for investors, Thomas Lee added that Bitcoin has “done very well this year”. He still stays very optimistic about further BTC performance.
Weaker USD may be good news for Bitcoin price which could pick up more because of the quarter-percent rate cut. The move has been seen as preventative by economists but could also be a catalyst for the next financial crisis.
Tom Lee, who met the investors and cryptocurrency community of Turkey for the first time at the first conference in February, will have his certain attendance at the Blockchain Economy 2020.
JPMorgan expanded its S&P 500 prediction which now stands at 3,200 from initial 3,000. The new target exceeds that of popular stock market bull and Fundstrat co-founder Thomas Lee who initially set the 3, 125 level.
Don’t miss out: Istanbul will be a host to the second largest cryptocurrency conference in February 2020.
Bitcoin price rallied significantly above $6,800 and $7,000 against the US Dollar. BTC seems to be following a nasty uptrend and analysts claim that it could even test $7,800 or $8,000 in the coming sessions.
Bitcoin price makes massive gains moving closer to its crucial resistance of $7000 level. Crypto analysts call this a beginning of the new bull run in the market.