The co-founder of Fundstrat, Tom Lee, is in the latest Bitcoin news – again for his (quite unusual) price predictions about the price of the largest cryptocurrency by market cap. According to Lee, the Bitcoin price target of $15,000 is still possible.
Lee’s new prediction is a dramatic drop from his bullish $25,000 price target from early 2018, when the crypto market seemed poised for a major explosion. As he told CNBC on November 20th:
“Global markets have seen liquidity dry up, and bitcoin is not necessarily a value asset — so as growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin. The downturn in FAANG is hurting those owning bitcoin.”
Despite the killer downward trend that Bitcoin is facing right now, Lee remains bullish about crypto and believes that we are merely undergoing an “awkward transition.”
As he stated, crypto still has a bright long-term future ahead and there is no doubt that institutional investors will start coming around.
Bitcoin plunged 16% Tuesday and fell as low as $4,200.22.
— CNBC (@CNBC) November 20, 2018
““The next wave of adoption is institutional,” Lee said. “There is a crossover happening. This is just an awkward transition.”
He also said that institutional investors will start making giant leaps into crypto. As he revealed:
“Institutional backing will come soon. You will get it partly through infrastructure, like Bakkt, which is launching soon. Part of it is going to come through regulatory clarity.”
Tom Lee concluded by saying that the regulatory scrutiny of crypto scams would benefit the industry by easing consumer and institutional anxiety about the burgeoning industry.
“Digital assets are going to be relevant in a world where growth is increasingly digital,” Lee said. “So bitcoin is a real bet on [the future].”
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,” investor and trader Josh Rager wrote in his Bitcoin price update on Twitter late Wednesday.In the altcoin news, we can see that the increased momentum and the fact that Bitcoin bounces back has made a lot of altcoins wake up. It seems like Bitcoin's move to the upside has a more profound impact on the altcoin markets which had long failed to halt their declines. A lot of tokens in the top 20 cryptocurrencies by market cap showed improved performance on Thursday, with Ethereum (ETH) gaining 6.1% to hit $217. Litecoin (LTC) has also been growing as Bitcoin bounces back - it managed to post 15% gains while the embattled Bitcoin SV (BSV) also achieved double-figure growth. Previously, the bearish warnings had appeared - specifically from Brandt - suggesting that altcoin markets would not recover at all after the Bitcoin gains eclipsed them in 2019. The price of Bitcoin is stormy and its dominance sits at 65.3%. The total market cap has also regained a bit, and is currently at $268 billion.
Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
“Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio.”The Bridgewater founder advocated that gold is the only right option to choose for everyone that is looking to diversify their portfolio just in a time where most of the world seems to be investing in equities. This is not the only reason why Dalio believes that gold will witness a major surge in inflows. According to him, the global conflicts and the depreciating value of money will force them to go on the way back to safety. Gold will be the only asset to choose from for all the investors that are looking to store their wealth at a time when the central banks are trying to keep the interest rates low. Dalio’s comments could make sense a decade ago when bitcoin was first launched. Gold is universally considered to be a safe-haven asset that the investors buy in order to protect their wealth in difficult times. Bitcoin, on the other hand, is gaining the confidence of institutional investors and there are only a few people who believe that the cryptocurrency will replace the gold. Dalio somehow forgot that the times have changed and bitcoin is now considered as the perfect replacement for gold as noted in the coming altcoin news previously.
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