Fundstrat’s Tom Lee has a new indicator for your consideration.
According to the well-documented Bitcoin permabull, there is a very interesting correlation appearing between the cryptocurrency market leader and emerging markets.
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As noted by Lee, hedge funds simply do not buy risky investments when emerging markets sell-off — and Bitcoin is nothing if not a risky investment.
The first and foremost cryptocurrency is notoriously volatile, peaking at roughly $20,000 in December 2017 and falling to lows below $6,000 in 2018.
At the time of this writing, Bitcoin (BTC) is trading at $7003 per coin.
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Though it has been a brutal year for the cryptocurrency market as a whole, Lee remains overwhelmingly bullish and believes the bear trend may be nearing its conclusion — citing claims that big money is still waiting on the sidelines for increased regulatory clarity and the right buying opportunity.
What do you think about Tom Lee’s correlation between emerging markets and Bitcoin? Do you think Bitcoin will see a new all-time high in 2018? Let us know your thoughts in the comments below!
