Prescient Bitcoin Bull Tom Lee Snaps Back at Angry HODLers: "A Very Good Contrarian Signal"

Libra Coin News
Thu, 09/26/2019 - 18:30
Alex Dovbnya
Bitcoin permabull Tom Lee addresses criticism that Fundstrat is facing from “angry HODLers”
Cover image via U.Today

Fundstrat co-founder Tom Lee has finally addressed tons of criticism he faces within the Bitcoin community.

The Bitcoin permabull has made multiple Bitcoin price predictions that are yet to come into fruition. Back in August, Lee said that the coin’s price would surge above its current all-time high (ATH) of $20,000 by the end of this year.

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One Twitter user particularly took issue with Lee's "Bitcoin Misery Index" that will be allegedly stuck in the same region until the S&P 500 prints new highs. Hence, he would hate to be Fundstrat’s investor based on this call.  

However, Lee says that the amount of angry holders who are using “the blame game” serves as “a very good contrarian signal,” which shows that the market sentiment is nearing a bottom.

Lee’s theory, which states that there is a correlation between BTC prices and US equities, is considered to be quite controversial. As reported by U.Today, he is certain that Bitcoin will reach a new ATH only after the US stock market.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.