The analyst of company Fundstrat Global Advisors Tom Lee while the conversation with CNBC has claimed that he is pleasantly surprised by Bitcoin stability in recent time.
While the conversation he noted the lack of correlation between cryptocurrency market and stock markets, which lost more than 9% in October. “Bitcoin capitalization is significantly less, respectively its volatility must be much higher, on the contrary,” – he said.
The analyst was also asked the question concerning further movements of quotes. “Could people, who only plan to enter in cryptocurrency space, consider current stability as the footing for further growth?” Lee has supposed that the point $6 000 is reliable level.
“With regard to the growth, Bitcoin needs more fiat infusions. This will be real proof of its distribution. I think this will happen in the end of this year or at the beginning of next year in parallel with the launch of Bakkt and Fidelity platforms”. – the analyst claimed.
Lee Has Mentioned One Extra Factor
In addition, Lee has mentioned one extra factor, which restrains the potential of BTC growth – this is stability of currency, to which he is bargaining. Dollar showed quite strong steadiness and this became restraining factor for Bitcoin. Dollar weakening will positively influence on the price of first cryptocurrency”, – he noted.
Investment platform has learned that earlier the analyst has said that Bitcoin quotes will significantly increase by year-end. As an argument he has pointed at the similar movement of first cryptocurrency and developing markets. Lee has noted that these markets don`t have any connection, at first sight, but all of them have reached top positions early in the year, and then they have moved into a long downtrend phase.
At the beginning of the previous month Tom Lee has conducted the poll of representatives of 25 institutions at his Twitter page and has come to a conclusion that on Wall Street people don`t wait for further decrease of quotes first cryptocurrency. At the question “When will Bitcoin reach the bottom?” 44% of interviewed have answered that it will be $15 000 and higher.