 ▲ Tom Lee/Source: Twitter ©Coin Leaders |
Tom Lee, founder of Fundstrat Global Advisors, a market research firm on Wall Street, said in an interview with CNBC on the 1st (local time), "The reason Bitcoin (BTC) has been sluggish recently is because of the Mt. Gox overhang that has been a concern for years. “This is due to (potential selling volume),” he said, adding, “Nevertheless, a sharp rebound is expected in the second half of this year.”
He emphasized, “It is important to remember that BTC price increases usually occur over a period of only a few days. Excluding the 10 days with the highest price increase, BTC annual returns are negative.”
He also maintained his previous forecast that the BTC price could reach $150,000 by the end of this year.
Previously, he predicted that Bitcoin would reach $150,000 within the next year and $500,000 within five years.
On-chain analyst Crypto Dan also predicted a bull market in the second half of the year.
Cryptodan, who is active as a Coinness content creator (CC), said, “Recently, the selling pressure of BTC miners has decreased significantly. The amount of BTC deposited by miners on exchanges has plummeted since last May, and the amount of BTC that miners use to sell has decreased sharply. “The basis for this is that all over-the-counter (OTC) desk volume was exhausted on the 29th of last month (local time), creating sufficient conditions to continue the upward rally in the third quarter.”
