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Tom Lee, a serial CNBC contributor and co-founder of market strategy firm Fundstrat Global, believes that the Bitcoin (BTC) bull market is back after this week’s 20% move.

In a recent interview with Bloomberg, Lee broke down where he sees the market going, citing the fact that Bitcoin recently broke its 200-day moving average as a very bullish sign.

While no specifics were provided, Lee noted that he has first-hand knowledge that major investors are beginning to re-enter the crypto markets. “A lot of them sold, in early 2018, that’s dry powder, they’re starting to put that to work,” Lee told Bloomberg.

Back in December, Lee estimated that Bitcoin’s fair value was between $13,800 and $14,800, roughly 180% higher than the current price of $5,061.

More: Bitcoin Is Back in a ‘Bull Trend,’ Fundstrat’s Lee Says
Related: Tom Lee: Bitcoin’s (BTC) Fair Value Is Between $13,800 and $14,800

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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