Tom Lee, managing partner and head of research for Fundstrat Global Advisors, has revealed in an interview with CNBC on October 4 that institution seems to be more overly optimistic about Bitcoin (BTC) than the members of the cryptocurrency community on. This information doubles as the findings of the recent survey by the company.
The Fundstrat Private Survey
According to the result of a private survey which featured 25 institutions as well as 9,500 responses to a Twitter poll on September 30, Tom Lee was forced to conclude that the Wall Street is calling a bottom in Bitcoin. The survey shows that 54 percent of participants in the survey of institutions are keen about digital currencies, stating that Bitcoin has already experienced its lowest point this year.
The optimism by institutional players is experienced in the survey as 57 percent of the respondents are of the opinion that Bitcoin’s price is going to reach anywhere within $15,000 and above before 2019 ends, while the crypto community on Twitter appears to be less optimistic about Bitcoin as 66 thinks it might drop lower than it is. About 40 percent thinks BTC would probably reach $15,000 the end of next year.
Realities and Predictions in Crypto World
Reportedly, institutional investors have earned a mark by replacing high-profile investor as the biggest payers in cryptocurrency trading as far as transactions over $100,000 are concerned. Notably, conventional investors like hedge funds are gradually becoming more interested in the virtual currency market through over-the-counter deals.
Tom Lee doesn’t seem to be backing down on his earlier speculation that Bitcoin will trade around $22,000 and $25,000 before this year runs out, he made a new prediction about a major altcoin Ethereum (ETH). Tom Lee stated that Ethereum is going to witness a “trend reversal and rally strongly,” up to $1,900 per token before this year runs out.
Also, Mike Novogratz, the CEO of crypto investment firm Galaxy Digital Capital Management voided his previous bullish prediction that Bitcoin will reach $45,000 by November 2018 saying that he does not expect Bitcoin to go beyond $9,000 this year.