Bitcoin’s High Volatility Is Good For Long-term Investors According To Fundstrat’s Tom Lee, This Is The Best Time To Buy BTC

Reddit co-founder praises Bitcoin, says it's a store of value against hyperinflation; to fuel new internet

Bitcoin News Today – In the beginning of the year one of the trending Bitcoin price predictions was the Tom Lee Bitcoin price prediction. Fundstrat’s Tom Lee has always been a Bitcoin bull. Even during the cryptocurrency winter, he was one of the few public figures who didn’t give up on Bitcoin because they knew a major recovery is on the way. As the price of Bitcoin fell from its all-time high near $20,000 to the $3200 low last year, Lee predicted that the cryptocurrency winter will end when the bulls drive the price above $4000. He also said that crossing the physiological hurdle at $10,000 will pave the way for more Bitcoin gains. So, what does Lee have to say about the current price action of Bitcoin?

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Latest Update – Tom Lee Predicts

While the price of Bitcoin has been rising steadily since the beginning of the year, it picked up the pace in the last two weeks and ended up increasing significantly against the USD. For the first time since March 2018, BTC moved above $10,000. For the first time since February 2018, it moved above $13,000, tasted the $13800 level before it finally settled. Unfortunately, this was followed by a bloodbath as the price of every cryptocurrency started falling along with Bitcoin. BTC fell below all the support levels it had initially crossed as resistance levels until it reached the $10,900 level. Right now, the price of BTC seems to have found stability.

Bitcoin (BTC) Price Today – BTC / USD [ccpw id=”8759″]

According to Tom Lee, the high volatility of Bitcoin makes it a perfect long-term investment. Traders who are patient will make millions from trading Bitcoin by taking advantage of its price volatility. Taking to Twitter, he said;

“Bitcoin is a hyper volatile asset making it good for volatility. For most, taking a long-term view is more appropriate.”

Many other members of the cryptocurrency community agreed with Lee. The conversation started when Bloomberg posted a tweet about the current price action of Bitcoin. At the time, the token was up by more than 39% over a seven day period but it lost $1,800 out of its total value within 10 minutes yesterday.

Bitcoin News Today – Bitcoin Latest Update – Bitcoin Current Price – Not Everyone Believes That The Price Volatility Is A Good Thing

While Tom Lee and many other investors are confident that Bitcoin is the future, not everyone is happy with the high volatility of the asset. According to Michelle Singletary, a Washington Post columnist, Bitcoin is a bubble and everyone who wants to invest in Bitcoin must “keep in mind these investing bubbles that burst — tulip bulbs and Beanie Babies. The current price surge for bitcoin has many people fearing they will miss out on a big opportunity to make a lot of money. But buying bitcoin is still akin to gambling.”

While Michelle makes a valid point, the Bitcoin uptrend has ignited the mainstream interest in the token. During the cryptocurrency winter, Twitch, a game streaming service owned by Amazon, stopped its cryptocurrency payment option. Amid the Bitcoin bull run, the service providers announced that payments have been enabled for BTC and BCH again.

At the time of writing, the price of Bitcoin (BTC) was $10,914.49. This means that it is down by 14.65% against the USD. The trading volume over a 24 hour period is $38,792,880,603 and the market capitalization is $194,112,784,911. If the bulls resume, there is a high chance that BTC will test $14,000 near-term.

What do you think about the Bitcoin price prediction 2019 in our Bitcoin news today? Is Tom Lee right about Bitcoin being a good long-term investment?

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.