Given the current Bitcoin price momentum, it has become somewhat difficult to make sense of the market trends. That situation will not necessarily change in the near future, as ups and downs will continue to occur intermittently. Thomas Lee, a well-known crypto bull, claims Bitcoin will see a major reversal over the course of the weekend. So far, nothing of the sort has happened.
Thomas Lee has an Interesting Vision
It is no secret a lot of people want to see the Bitcoin price hit a new all-time high later this year. The sooner this happens, the better for some of the holders who bought BTC at its previous top. Unfortunately, it seems 2019 might not yield a new all-time high after all, despite some promising momentum over the past few months. Sustaining the growth has proven to be extremely difficult.
According to Bitcoin bull Thomas Lee – or Tom Lee – things may come to change sooner rather than later. Opinions of this magnitude should always be taken with a few scoops of salt, as predicting Bitcoin’s momentum remains a guessing game for everyone. Even when conducting technical analysis, the trend over the past few days might not necessarily make too much sense to most people. As such, any and all possible outcomes should be kept in mind at all times.
Lee bases his predictions on how this coming weekend will affect the Bitcoin value. More specifically, he expects the US markets to give the world’s leading cryptocurrency a healthy boost. This is based on how the Federal Reserve might cut interest rates next week, although that has not been officially confirmed. Such a change in interest rates could be quite interesting for many different reasons, but it will probably not affect Bitcoin in a meaningful manner.
Weekend is starting in US, and past few weekends led to weakness in #bitcoin
– Fed is expected to cut interest rates next week.
– Lower rates = weaker USD = Upside for Bitcoin $BTC
— Thomas Lee (@fundstrat) July 27, 2019
Additionally, Thomas Lee claims the lower rates will cause weakness as far as the US Dollar exchange rate is concerned. It would certainly trigger a short-term effect, but a weaker US Dollar does not automatically make Bitcoin’s value go up. If anything, it is possible that even more people will pull money out of the cryptocurrency industry to hedge their bets. Some volatility can be expected this weekend and next week regardless of the Federal Reserve’s decision.
For the time being, it is fairly obvious for everyone to see things are not going according to Lee’s predictions. Although Bitcoin’s value has seen some significant movement, the currency continues to head in the wrong direction. It seems unlikely a dip below $9,000 will occur in the coming days, but a push to $11,000 seems even more unlikely under the current circumstances.
As is always the case when it comes to Bitcoin price predictions, traders and enthusiasts should conduct their own research. Although the prediction by Thomas Lee can still pan out just fine, the current market trend seems to indicate there will be little to no reason for optimism this weekend. Moreover, the world doesn’t revolve around the United States, especially not where cryptocurrencies are concerned.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.