CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,885.00
  • ethereum
    ETH$1,575.06
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Bitcoin at $20K in 2019 Could Suggest Previous ATH Wasn’t a Bubble, Tom Lee Says

    Bitcoin at $20K in 2019 Could Suggest Previous ATH Wasn’t a Bubble, Tom Lee Says

    Author: Felix Mollen

    Last Updated Nov 25, 2019 @ 12:40

    The price of Bitcoin marked a decisive leg up during the past 7 days, gaining more than 18 percent during the period. More importantly, it broke the important psychological level of $10,000, which caused serious hype throughout the entire cryptocurrency community. With this, the popular commentator and chief analyst at Fundstrat Global Advisors, Tom Lee, says that if Bitcoin breaks its previous ATH, this could suggest that it was never actually a bubble.

    Was It Ever a Bubble?

    In 2017, Bitcoin went on a parabolic move to hit a whopping price of around $20,000. This undoubtedly pinned all eyes on it. However, what followed was a steep correction in which the cryptocurrency lost upwards of 85% of its value to drop to around $3,000 in 2018. The sharp increase, followed by an equally sharp decrease, caused many people to believe that the market looked a lot like a bubble.

    However, as it turned out, 2019 has so far been rather good for the market. Bitcoin is up more than 250% since January 1 and is currently trading at close to $11,000.

    Speaking on the matter was Thomas Lee, the popular cryptocurrency commentator and head analyst at Fundstrat Global Advisors. He noted that if Bitcoin manages to hit the previous all-time high this year, it will have only taken 18-20 months to do so. He made the point that this could mean that the previous parabolic move wasn’t a bubble, as many considered it to be.

    Just an observation, but if $BTC re-attains its all-time high this year, it is only 18-20 months from prior high.

    When a market re-attains a high so quickly, one could argue the prior high was not a bubble after all.

    Hmmmm

    — Thomas Lee (@fundstrat) June 22, 2019

    If we follow Lee’s chain of thought that 2017’s ATH might not have represented a bubble, the most logical conclusion is that the market saw a serious and prolonged correction.

    It Can Get Easier From Here

    As noted, $10,000 was an important psychological barrier for Bitcoin. Many have already argued that the break above it could propel the price even higher. Tom Lee himself noted a few days back that FOMO could take the cryptocurrency’s price to $20,000 within months.

    And while we have yet to see how the price action will develop, we can take a look at what happened last time Bitcoin was trading at its current levels.

    Nov 2017 – Dec 2017 $BTC

    $8000- $9000: 9 days
    $9000-$10000: 2 days
    $10000-$11000: 1 day
    $11000-$12000: 6 days
    $12000-$13000: 17 hours
    $13000-$14000: 4 hours
    $14000-$15000: 10 hours
    $15000-$16000: 5 hours
    $16000-$17000: 2 hours
    $17000-$18000: 10 minutes
    $18000-$19000: 3 minutes

    — frx [Bitcoin] | Moon (@frx49) June 22, 2019

    As you can see, the pattern is pretty clear. The cryptocurrency is gaining steam and hype as it appreciates in price. It took 9 days for it to get from $8,000 to $9,000, but only 3 minutes to move from $18,000 to $19,000.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    Tags: Bitcoin Bitcoin (BTC) Price Bitcoin Bubble Tom Lee
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Felix Mollen
    More posts by this author

    Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$22,885.00
  • ethereum
    ETH$1,575.06
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!