Tom Lee, one of the most well-known analysts in the cryptocurrency industry, said that the stock market needs to reach new highs on the charts before Bitcoin's price can enter a full bull market again. In two tweets that Lee published on September 25, the founder of Fundstrat Global Advisors reassured cryptocurrency fans. He believes that concerns about the state of the Bitcoin exchange rate, which has scored a major dive, are exaggerated. Bitcoin's exchange rate is falling The largest cryptocurrency has fallen 15 percent this week, causing many investors to express a lot of concern that the bears are just coming back into the market and now we're facing a downturn again. "[The market] is overbought and needs weaker sentiment. Our [Bitcoin Misery Index] has been saying that since July." - Lee concluded. As some investors have noted, the S&P 500 index lost value just before the drop in Bitcoin, which happened exactly on Tuesday. For Lee and Fundstrat, the two events are closely related. "The [Bitcoin] decline followed the [stock] sell-off," - he continued in a further tweet. He added that this "reinforces our" unpopular" opinion which is that Bitcoins do not do well in an environment "without macro trends." Lee also stated: "There are new highs needed on the S&P 500 before BTC can [re] take off. Why? We think crypto is retail and therefore a risk." Why it's falling. Bitcoin's correction to $8,000 has led many to float numerous theories as to the reason for the decline. Some explain it by technical analysis alone. Others - the disappointing start of Bakkt, which we wrote about in more detail here. There is also a third group - fans of macroeconomics and geopolitics - that sees the reason in the scandal in the U.S. related to the potential impeachment of Donald Trump, who allegedly pressured the Ukrainian authorities to provide him with hints on the son of his main competitor in the race for the White House - Joe Biden. Meanwhile, Lee told BTC supporters to wait to make new purchases until his Bitcoin Misery Index (BMI) suggests an even more pessimistic mood. At the time of writing these words, BTC costs just over $8,400. You can always check the current exchange rate of Bitcoin and other cryptocurrencies at bitcoin.co.uk. Places where you can buy Bitcoin and other cryptocurrencies include BitBay.net cryptocurrency exchange. If you don't have an account on BitBay yet, this article will show you how you can create one efficiently: LINK. Tags bitcoin price btc price bitcoin price bitcoin price bitcoin exchange rate btc exchange rate
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