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.