05 Oct 2018 Josphat Kariuki
Over 50% of Institutional Players Believe Bitcoin has Hit Bottom, New Survey Reveals
The company’s head of research and managing partner, Tom Lee revealed all that in an interview on Oct 4th.
The private survey collected data from 25 institutions and over 9,000 respondents through a public Twitter poll. Fundstrat conducted the poll on 30th September and concluded that Wall Street believes that Bitcoin has hit bottom.
According to the survey, 54% of the respondents remain optimistic about Bitcoin, saying that this digital asset has already reached the lowest point this year.
The survey also revealed that institutional players remain bullish concerning Bitcoin’s future growth. About 57% of the respondents said that the price of Bitcoin is expected to rise to anywhere between $15,000 and the moon, before the end of next year.
On the flipside, the cryptocurrency community on Twitter seems to be less optimistic about Bitcoin’s price. Over 60% of the people who responded to Tom Lee’s poll said that Bitcoin could go even lower than its current price. Only 40% agree that this crypto asset can reach $15, 000 by the end of 2019.
Earlier, on Monday, October 1st, Bloomberg revealed that institutional investors are replacing high-profile retail investors to become the biggest players in crypto trading for transactions worth over $100,000. Hedge funds and other traditional investors are also reportedly getting more involved in the cryptocurrency markets through over-the-counter deals.
While Lee seems to stick to his earlier forecast that the price of Bitcoin will range from $22,000 to $25,000 by the end of this year, he has made yet another optimistic prediction on another crypto asset, Ethereum (ETH). Lee also claims that Ethereum is going to experience a trend reversal and rise strongly, to retail at $1,900 per coin before January 2019.
In a statement, Mike Novogratz, the CEO of Galaxy Capital Management – a crypto investment firm – has retracted his earlier prediction that Bitcoin would retail at $45,000 by November. The billionaire investor has further added that he doesn’t believe that Bitcoin will surpass the $9,000 threshold before January 2019.