Fundstrat Survey: 54 Percent of Participants Think Bitcoin Price Bottomed
According to a recent survey conducted by Fundstrat Global Advisors, institutional investors seem to be bullish for the cryptocurrency industry, compared to Twitter and Reddit crypto enthusiasts.
Company’s founder and CEO Tom Lee, revealed the details with CNBC during his interview and based on the results of a private survey of 25 institutions, Lee said Wall Street think Bitcoin price has already bottomed.
54 percent of participants believe Bitcoin has already hit its lowest price point this year and Lee said they are very optimistic and bullish about the future. It also seems institutional market makers also bullish towards to the future price of Bitcoin. Lee stated 15 percent of respondents think Bitcoin price will reach $15,000 or more by the end of 2019.
However, it seems cryptocurrency followers on Twitter not buying this idea. Lee said they also conducted a poll on Twitter and stated they saw 66 percent of respondents think Bitcoin will drop further by the end of 2018. Only 40 percent of the people think Bitcoin will reach $15,000 or more by the end of 2019. Quite an interesting result.
As far as we know, institutional players are the biggest players and market makers in the cryptocurrency trading so their involvement is surely welcome among the industry. Many people think the institutional drive will help Bitcoin prices to rise and they are almost counting on them. Companies like Coinbase and Bakkt are working very hard to convince them joining the industry as they are making necessary moves in order to feel them relaxed and welcomed.
Lee also sticking with his current Bitcoin price prediction as he stated earlier Bitcoin will be somewhere in between $22-25K before the end of the year. That’s a strong statement to be honest, given the situation that the markets in at the moment. Also adding that, Bitcoin currently trading around $6500, it’s safe to say something needs to happen in three months in order to Lee was being right.
Despite Lee’s initial prediction, it seems not a lot of investors think Bitcoin will reach that price. For example, CEO of crypto investment firm called Galaxy Digital Capital Management Mike Novogratz stated yesterday that he rescinded his earlier prediction that Bitcoin will reach $45,000 by Nov. 2018. Now, the billionaire investor does not expect Bitcoin to even break the $9,000 threshold in 2018.