Several investors are enthusiastically waiting for the final decision of the U.S. on whether or not a eventually becomes a reality. Since the price is not soaring dramatically, crypto traders are now waiting for the exchange-traded fund () to recover the entire market. Nonetheless, the senior analyst at Fundstrat Tom Lee, highly believes that – the leading by market cap doesn’t want an to end 2019 vividly higher.
Lee avowed that regardless of the chances that the will be suspended or even rejected, the crypto community still have a fruitful year for digital currencies in 2019.
Lee: ETF Won’t Happen in 2019
He is pessimistic about a being approved by the United State (U.S.) Securities and Exchange Commission () quickly. 2019 is just two months old, but a mountain of speculation on when or what will happen next has been done as far as this.
Since the is believed to have a significant decision about the two proposals: the first one by CBOE, VanEck and SolidX; and the second by Bitwise and NYSE,
isn’t very confident and poised. The outcome of whether these crypto ETFs will be accepted or not will be officially out within 45 days, the moment the verdict is out.
Lee doesn’t believe in the
in 2019 due to the present environment not setting a pattern for it, a stance that bases on how the is concerned about having a stable and transparent market before the long awaited approval.
During the Economy Istanbul Summit, Lee said that the current conditions could be promising to lift the prices of :
“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.”
Technicals Look Very Attractive
On top of the internal market, major external factors which will cause a significant impact on the prices, do exist. Lee revealed that macro factors of the financial markets will contribute much to support the price of and its upside trajectory:
“I think that several things are going to support the price in 2019. You know, the first is what we call
: The fact that global markets are actually increasing, global stock market is bullish for in the same way that 2018 global stock markets dropped, and dropped …The dollar isn’t surging like it was in 2018 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 also noted that the global recession will more likely stimulate the public interest in virtual assets, albeit he mentioned that in terms of trade volume it won’t cause substantial impact.
Published at Wed, 27 Feb 2019 16:45:27 +0000
