Bitcoin To Reach New All-Time Highs, Market Strategist
July 27 2021 - 7:00PM
NEWSBTC
Market strategist Michael Lee says that he sees bitcoin reaching
new all-time highs. Lee was on Fox Business Monday in an interview
to talk about his outlook on bitcoin. Lee is the founder of
investment firm Michael Lee Strategy which offers wealth planning
and investment management to clients. Michael Lee Strategy offers
its services as an investment adviser representative through
Compass Financial. Related Reading | Bitcoin Volume Continues
To See Yearly Lows As Price Struggles To Recover The founder sees a
good future ahead for bitcoin which he explains as a momentum asset
class. Michael Lee who is an investor himself does not believe
bitcoin will be slowing down soon, calling even new all-time highs
for the digital asset as more time passes. According to Lee, he
believes that the digital asset will definitely bring in as much
profit or even more than any of the other digital currencies
currently in the market. The Best Days Are Ahead For
Cryptocurrencies Market strategist Lee said in the interview that
the best days remain ahead for cryptocurrencies, and in particular,
bitcoin. The strategist explained that bitcoin is a first mover in
the market. Predicting the asset will do just as well as other
digital assets or even better than others. BTC market cap now sits
at $718 billion | Source: Market Cap BTC on TradingView.com
Speaking about fed regulation for bitcoin and cryptocurrencies, Lee
said, “I think it’s a long time before we see any sort of taper or
any sort of restrictive policy from the Fed.” Lee continued on to
say, “it’s not only like that with the Fed. It’s also like that
with central banks worldwide.” Lee’s resolve in the future of the
coin looks unshaken, looking positively ahead for the price
performance of the coin going forward. Bitcoin High Price A Result
Of Endless Money Printing Michael Lee also took time in the
interview to address the current speculations in the market that
connect the recent bitcoin price surge to the rumors of Amazon
adding digital currencies on its platform. Talking on this, Lee
said that the theory of the price surge being related to the price
increase was wrong. Related Reading | Over $800 Million
Bitcoin Shorts Liquidated As Price Surges 12% In 24 Hours Lee
attributed the growth of the digital asset to $60,000 back in April
was due to governments printing money and not limiting the amount
of fiat being printed. The founder pointed out that it was hard to
explain how the price movements work. But related this to trading
activities being carried out in the crypto market. I think it’s
hard to explain some of these moves, but it’s a very much a
momentum asset class. So, as soon as you get a little bit of
momentum to the upside, the follow on trades just keep coming and
coming and coming. And then all of a sudden you go from $29,000 to
almost $40,000 in the span of a little over a week. Featured image
from Forbes, chart from TradingView.com
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