While Bitcoin seemed to have been paralyzed between the price range of USD 6300- USD 6700 neither showing a bullish nor a bearish trend, Bitcoin bulls, Tom Lee and Brian Kelly, are of the opinion that this growing stability is just a base for the price to go higher.
Tom Lee sees Bitcoin at USD 25000 whereas Kelly believes institutional push has just begun
In the past couple of days, we have got two important bitcoin predications. Both suggested that the prices Bitcoin is a cusp of inching higher although had different reasons for the rise. While of Tom Lee bitcoin could touch USD 25000 on back of technical reasons of Bitcoin trading under its 200-day moving average, Brain Kelly feels the institutional herd is starting to enter this market.
Recently, Lee shared his opinions with Heidi whose twitter handle reads as ‘BlockchainChick as she is a cryptocurrency enthusiast. Tom used his experience in the financial markets to drive his point home on whether Bitcoin can correction above $20,000 and hit $25,000 by the end of this year.
I had the pleasure of speaking with @fundstrat who graced me with his presence and knowledge on what he sees when considering the data on BTC and ETH price trends and predictions… among other things! Check it out: https://t.co/XXtD1TzTqq #bitcoin #ethereum #priceisright pic.twitter.com/pIm0l6j5yH
— Heidi (@blockchainchick) October 20, 2018
“People are too bearish… What happens is people get bearish because it makes sense. You know the market conditions have been terrible and we are under our 200-day moving average.” He added. “We [at Fund Strat] just published a report this week that pointed out to our clients that when Bitcoin is under its 200-day, it only goes up 50% of the time in the next six months. But when it’s above its 200-day, it is up 80% of the time [in the next six months], so the trend implied by the 200-day is obviously very important.”
In another setup, the CEO of BKCM and a commentator at CNBC, Brian Kelly to shared a very bullish on the cryptocurrency space. He supports blockchain as well as the digital market and he recently said that the market is gearing up for a rally. He notes that the entrance of Fidelity Digital Asset Services (FDAS) is a game changer in the industry. Kelly stated on CNBC that:
“I can tell you from the conversations that we’ve had, for our crypto hedge fund, that the institutional head is starting to enter this market.” “Soon. I think very soon. It wouldn’t surprise me to see a lot of those companies have something working in the background by Q1 of 2019. I mean if you’re looking at this, there are a couple things you need to think of. Fidelity is in this space. Also, remember that startups like Robinhood launched a crypto app and got a million users in four days. So if you are at Schwab or you’re at E*Trade, then you may start to look at that and say, “Where are the customers?” And they’re in crypto, so you gotta offer that product.”
Do you think Tom Lee’s target is realistic? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.