In a tweet, Tom Lee shared 13 signs that the crypto winter is over — suggesting that industry growth may be here to stay.
Fundstrat Global Advisors co-founder Tom Lee has claimed that the crypto winter is over in a tweet on May 19.
In the message, Lee said last week’s Consensus conference in New York City was the latest of 13 signs indicating that the industry is recovering after a tough few months.
His timeline of events documenting the turnaround dates back to November 2018, when a bitcoin cash (BCH) hard fork battle exhausted the bitcoin (BTC) supply held by two rival mining pools.
Other significant milestones listed by Lee include Jan. 23 of this year, when on-chain transactions turned positive year-on-year for the first time in 12 months.
He also pointed to how Fundstrat’s Bitcoin Misery Index (BMI) rose above 67 on March 27 — a watermark that had not been reached since August 2015. This was followed in April by a surge in over-the-counter trading and on-chain activity, as well as BTC’s first bullish golden cross since October 2015.
More recently, at the start of May, Lee said that the crypto industry proved its resilience when there was a stable market reaction to the controversy surrounding Bitfinex and Tether, after the New York Attorney General accused the crypto exchange of losing $850 million and using funds from the affiliated stablecoin operator to secretly conceal the shortfall.
Lee is known for his forecasts on where crypto prices are heading. On April 29, he predicted that BTC will hit historic new highs by 2020.
Go to Source
Author: Thomas Simms