Bitcoin To Hit New All-Time High ‘Imminently’: Tom Lee

July 10, 2019

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New all-time highs are “imminent” for Bitcoin price serial bull Tom Lee has declared as the cryptocurrency reclaims $13,000.

BTC Within $800 Of 15-Month High

Speaking to CNBC on July 9, Lee, who is a Managing Partner and the Head of Research at Fundstrat Global Advisors, said it was investor desire for “insurance” that would drive Bitcoin higher.

“…Now, I think people are responding to that idea that, ‘You know, if you have a little insurance, it’s great,’” he told the network’s ‘Power Lunch’ segment.

Lee made the comments as Bitcoin surged higher yet again, reclaiming most of the ground it had lost on the way down from its previous 15-month high of $13,800.

That figure had cemented BTC/USD’s highest monthly close in history last month, with analysts now eyeing an easy run to beating the figure yet again at the end of July.

At press time, Bitcoin was still holding onto support at $13,000, recovering from an initial drop to $12,785.

For Lee, Facebook’s Libra digital currency token – and the potential for other social media giants to issue similar concepts – will meanwhile also serve to drive interest in Bitcoin. The theory is a popular one, Bitcoinist reporting on various figures likewise identifying the chance for Bitcoin to profit from the new financial products.

“The fact that Facebook and likely other FAANG companies are going to create their own digital currencies is validating the idea that digital money is here to stay,” he continued.

“I think all-time highs are imminent.”

Fundstrat Global Advisors’ Thomas Lee shares his take on Bitcoin’s rally pic.twitter.com/bQ0nIFssSW

— Power Lunch (@PowerLunch) July 9, 2019

Bitcoin Is Churning Out Bulls In 2019

Bitcoin bulls are coming out with ever more buoyant soundbites this week in the face of a gravity-defying price market.

As Bitcoinist mentioned, CNBC had itself just hosted Morgan Creek founder Mark Yusko, who appeared more confident than ever as he warned over stock markets and predicted BTC/USD would hit $30,000 in the current bull cycle.

“…I think we’re in the next parabolic move,” he said Sunday. “That will probably take us into the $30,000 level before we get another little correction[.]”

In just two years, Yusko added, Bitcoin would see a giant $100,000 price tag.

While some sources remain bearish or hands-off on Bitcoin, meanwhile, other former naysayers appear to be coming round in the 2019 bull run.

In particular, serial investment veteran Mark Mobius let slip to mainstream media he would have no choice but to buy Bitcoin if current price performance continued much longer.

Mobius, while remaining suspicious about Bitcoin’s uses, stopped short of saying the cryptocurrency had “no value,” as he had done in 2017 when it traded at its all-time high of $20,000.

What do you think about Tom Lee’s Bitcoin price prediction? Let us know in the comments below!

Images via Shutterstock, Twitter: @PowerLunch

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