Tom Lee from FundStrat is notoriously wrong, he's the worst bitcoin predictor on the web!
he is not exactly predicting anything although it may seem like it. he is mostly hyping things up while advertising his company!
So you agree with, thank you.
It's all marketing hype. And if he's marketing under the guise of advice he's a fraud.
That's an illogical reason for a support level. How can bitcoin miners control buy or sell activity? I'm not talking about the transactions - of course they can halt transactions - but how can they direct the flow of those transactions? They can't.
it is logical but a logic that is based on false information. the logic is that it costs miners X dollar to mine bitcoin so
if it goes below X they will no longer sell removing a sell pressure on the market. The sell pressure only exists if the volume of bitcoin they're earning and withholding is material to the broader market trade volume on any given day.
On blockchain.info the Total Transaction Fees average per day is about 25
BTC. The total Transaction Volume average per day is about 100,000
BTC. If the theory is that bitcoin miners will hodl their transaction fees if the price gets to breakeven for them, that amounts to 0.025% of the total daily transaction volume (using our example). That's not enough to move the market!
Logical fallacies are worse than illogical theories because they trick people into believing they are real.
Tom Lee is like a fraudster medicine man from the 1900s.
