seems to have most of the influential characters within the crypto verse excited. After suffering a terrible fall in its prices during 2017, it seems that reached a stability zone around 3 to 4 thousand dollars and many analysts agree that after breaking this mark, the situation appears to be quite favorable.
Covered and interview with Tom Lee, CEO of Fundstrat Global Advisors, during the Economy Istanbul Summit. The expert trader, known for his during the crash of prices in 2018, has not changed his mind and commented that the current circumstances could be favorable to boost prices:
“I think it’s gonna recover in 2019 … I think 3900 is good (but) it’s not where we’ll end the year; I think it’ll be much higher.”
Tom Lee: bitcoin (BTC) Does Not Need an ETF (But It Would Be Good To Have One Approved)
He argued that despite the optimism of many fundamental analysts, it is unlikely that a will be approved this year. Although he did not elaborate on the reasons supporting his point of view, he mentioned that this type of event is not necessary to catalyze a bull run, although he clarified that if an were approved, the effects would be positive:
“I don’t think an is gonna happen in 2019 so I think would really benefit from an , but it doesn’t need an to do well this year.”
Many people expect the to and to approve a soon. Currently, Two proposals are being studied, one submitted by and one filed by .
Also unlike previous years, several members have given that awaken the optimism of many people who see a getting closer and closer.
Fundamentals Look Promising… But “Technicals Are Much More Attractive”
The well-known investor shared that in addition to the internal market itself, there are external factors that will have a positive impact on the prices of . The macro factors and the good performance of the financial markets will play a decisive role as supports of ’s price and its upward trend:
“I think that several things are going to support the price this year. You know, the first is what we call macro factors: The fact that global markets are actually rising, global stock market is bullish for in the same way that last year’s global stock markets fell, and fell …The dollar isn’t soaring like it was last year so that dollar being weaker is a real tailwind for .
The technicals are much more attractive, you know, is bouncing along its 200-week moving average, and that’s really been an important support in traditional markets, and I think it’s going to support price here”.
He concluded by mentioning that the could stimulate public interest in ; however, he clarified that in terms of volume it will not have a considerable impact.
Full video available here:
Published at Sun, 24 Feb 2019 03:14:26 +0000
