Fundstrats Tom Lee: Correlation Between BTC and Emerging Markets Is Sign of Upcoming Trend Reversal
Fundstrats Bitcoin (BTC) analyst Tom Lee has claimed that the cryptocurrency could end the year explosively higher, citing a correlation between it and emerging markets. Lee has made his new prediction in an interview during CNBC's "Trading Nation show August 25.
The Head of Research at Fundstrat Global Advisors has said that he still think its possible that Bitcoins price could surge to as high as $25,000 this year. Lee has based this assumption on the relationship between the price of BTC and BlackRocks iShares MSCI Emerging Markets exchange-traded fund (ETF), which tracks large and mid-sized companies in emerging markets.
The important correlation, according to Lee, lies in the fact that both markets are running somewhat parallel to each other, with both having really essentially peaked in early 2018, as well as both [having been] in a downward trend from then on.