Tom Lee Says Bitcoin Bottom Is In As Parabolic Phase Nears

Tom Lee appeared on live radio on CNBC. He presented a straight bullish statement. He substantiated the crypto bottom. Besides, he rejected additional downsides risks. He emphasized on enhancing market structure. Also, he cited stabilizing price action. As a result the traders responded swiftly. This declaration changed the mood drastically.

The volatility of the bitcoin price narrowed. There was an incremental network activity. In the meantime, Ethereum reaches parabolically. In addition, the number of transactions improved on a daily basis. These indicators are organic demand. Thus, the selling pressure compromised. As a result, there was network strength in accumulation. This information supported the thesis of Lee in a straightforward manner.

Market Structure

Bitcoin has fallen sharply on recent highs. Defensive support levels were, however, defended by buyers. In the meantime, panic selling died away quickly. Thus, the negative momentum decreased. Traditionally, such cycles were the bottoms of the cycles. Thus, traders are currently keen on upside triggers.

Cryptocurrencies became widespread among institutions. ETFs took in huge amounts of capital. Besides, conventional finance adopted digital assets. Thus, the situation in liquidity improved significantly. This merging increased market confidence. This structural change was highly highlighted by Lee. As a result, a long-term perspective became much better.

Psychology of Bitcoin Investors

Sentiment on retail improved significantly. In the meantime, the institutional positioning changed unobstrusively. In addition, the indicators of fear fell considerably. Thus, pessimism was substituted with optimism. Such a transformation in psychology is significant. There were setups of the same kind as in previous cycles. Thus, Lee predicts acceleration in the near future. This trend is known to the market players. Accordingly, volatility can reappear with a vengeful force.

Near-term Outlook Breaks Bullish

Lee anticipates a high growth in prices. He is expecting a good continuation of momentum. In addition, Bitcoin price action is now fundamentally supported. As such, good news cases prevail. This phase feels critical. The markets can be volatile in the near future.

The post Tom Lee Says Bitcoin Bottom Is In As Parabolic Phase Nears appeared first on Coinfomania.