10It seems that the latest spike experienced by the cryptocurrency market is a very bullish signal for crypto experts. The hedge fund billionaire, Marc Lasry, believes Bitcoin (BTC) will reach $40,000 dollars. At the same time, Thomas Lee, Fundstrat Global co-founder sees this grow in the crypto market a very important bullish signal.
Bullish Crypto Market
During an interview with CNBC’s ‘SquawkBox,’ Marc Lasry, said that he believes Bitcoin can reach $40,000 in the next few years. It is important to mention that Bitcoin was in a bear market since December 2017, so $40,000 it is a great target for the coming months in the crypto world.
He commented on the matter:
“You are hoping that as it gets more into the mainstream and as more markets allow it to trade where it’s freely tradable, to me, that’s more the market bet. I think then you will start seeing the price of it as it’s easier for people to buy. I think then you will have something that will end up being somewhere around $20,000 – $40,000.”
Mar Lasry co-founded a hedge fund in 1995 with his sister Sonia Gardner which specializes in distressed debt in the United States, Europe and Asia. Indeed, as of June 2018, the company had $9.6 billion dollars of assets under management.
The cryptocurrency analyst Tom Lee considers that the latest spike experienced by Bitcoin is a very bullish signal for the crypto market. During CNBC’s Fast Money, he said that there were some technical signals that were already starting to become favourable.
“Over the weekend there were quite a lot of folks who were talking about TA and the potential formation of either an inverse head or shoulders or a Wyckoff buy off so it sounds like the technical were really starting to become more favourable,” Mr. Lee explained.
Additionally, he said that some positive news like MasterCard filing a blockchain and crypto patent may have helped the price to grow exponentially during the last day.
At the moment of writing this article, Bitcoin is being traded around $7,350 dollars and has $126 billion dollars’ market capitalization. In the last 24 hours, Bitcoin grew 10.4% according to CoinMarketCap.