Tom Lee Maintains $15,000 Year-End BTC Prediction despite Market Crash
In-spite the present market crash, major Wall Street crypto bull Tom Lee has repeated his lately reduced year-end price anticipation for Bitcoin (BTC) at $15,000 in an
In the recent statement, the head of research at Fundstrat Global Advisors questioned out two major types of crypto players — those who are “using it and have wallets in crypto,” and those who belong to a hypothetical side of the market. As per Lee, those two sides of the crypto community should search a path for “sort of interacting with each other” for crypto investors not to get burnt by crashes like this.
While repeating his crypto-rebound prediction, Lee still accepted that the markets have “certainly” witnessed a “negative development,” which indicates a “downside of the momentum.”
However, Lee focused that institutional cryptocurrency investors are “not necessarily getting hurt” by the recent market downturn, even as Bitcoin’s price dipped sharply to as low as $4,237 today. In this concern, the investor highlighted the crucial role of institutional participation in the industry, admitting that specifically, this part of the market will pull the “next wave of the adoption.”
As per Lee, there are two key assets that will soon bring more institutional attention to the markets. First, it will be the forthcoming launch of the digital assets platform Bakkt by the operator of major global exchange New York Stock Exchange (NYSE), Intercontinental Exchange (ICE). Announced in August this year, Bakkt recently confirmed a “target” launch date for Jan. 24, 2019.
Second, institutions will get more encompassed in the market as the industry receives more regulatory clarity, which is partly “underway now,” Lee mentioned, adding:
“Once we have that [regulatory clarity], I think, institutions will feel more comfortable in making bets.”
In this concern, the cryptoanalyst stated that Bitcoin is “not necessarily a valuable asset,” claiming that it is “probably best viewed as a commodity,” and is “really an opportunity for an emerging asset class.”
Tom Lee had decreased his year-end Bitcoin price anticipation from $25,000 to $15,000 last week, Nov. 16, accompanying a massive decline on the markets that started on Nov. 14, with Bitcoin touching yearly lows. Formerly, the crypto bull had, several times, anticipated that Bitcoin’s price would rise above $20,000 for the year’s end. Lee declared his first prediction in January this year, suggesting “aggressive buying,” while regarding the $9,000 price point as “the biggest buying opportunity in 2018.”
Lately, Netherlands-powered “Big Four” auditor KPMG has launched another bullish stance on crypto, appealing that the industry needs institutional investors’ participation in order to “realize its potential.”Earlier last week, CoinShares CSO Meltem Demirors admitted that the recent collapse of the markets is caused by institutions“taking money off the table” due to Bitcoin Cash’s (BCH) hard fork.