During the recent interview with CNBC, Tom Lee, an analyst at Fundstrat, spoke about possible options for the development of the situation in the crypto market. He also touched upon the issue of entering the market of institutional investors and public opinion about the fall in the price of bitcoin.
Dynamics of bitcoin exchange rate
The main cryptocurrency has been held above $6000 for a week. Many investors called this mark an extremely strong level of support, and Lee is no exception. Earlier he said that if bitcoin would stay above this mark, it would be a good sign for investors and enthusiasts. In his opinion, this means that a reverse price rollback is not expected.
According to him, cryptocurrency rates will soar due to catalysts, which also keep the crypto market afloat. The launch of the Bakkt platform, behind which there is an Intercontinental Exchange, can be a decisive factor in the process of mass introduction of cryptocurrencies, he said.
During the discussion, Lee also mentioned his recent surveys. The first was aimed at institutional investors, the second — at the General public.
The results are such that 44% of the surveyed ordinary users believe that bitcoin will continue to fall until the end of the year. And institutional investors are more optimistic-56% of them believe that bitcoin has already reached the bottom and will soon begin a steady growth of the rate.
The financial analyst did not change his forecast. In his opinion, the achievement of bitcoin $20 thousand by the end of the year is still possible:
“Judging by the available facts, the achievement of $20 thousand should not be such a big problem. Cryptocurrencies are still at an early stage of development and 50 million existing cryptocurrency wallets strongly contribute to the development of the industry. As the number of wallets continues to grow, so will the prices.”
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