Analytical company Fundstrat Global Advisors has presented a new forecast, according to which in 2019, Bitcoin is waiting for a new price increase. Ironically, its publication almost coincided with an unexpectedly sharp increase in the market on Friday, February 8th.
As Thomas Lee, a leading analyst of the company, wrote in his recent tweet, 2018 can really be considered the year of "hangover" after the historic heights of December 2017.
CRYPTO: we published our 2019 crypto outlook this am. Positive incremental developments coming. First paragraph below. pic.twitter.com/JkkBEvRmxl
– Thomas Lee (@fundstrat) February 8, 2019
In particular, he notes, factors such as a decline in activity in the ICO sector, not the most favorable news from the point of view of industry regulation, as well as excessive enthusiasm for the further development of the ecosystem by investors and the community, put pressure on the market.
At the same time, the development of infrastructure continued – the launch of the Lighting Network, the expansion of exchanges, the emergence of new wallets. But even these positive events in all respects could not change the situation for the better, as a result of which the expectations regarding cryptocurrency turned out to be very low – if you have to talk about them at all.
Nevertheless, Fundstrat analysts believe that in general, 2019 should be more positive for Bitcoin.
CRYPTO: we see 9 improvements to the landscape that ultimately support higher prices.
See below … pic.twitter.com/7DSrfVjkoi
– Thomas Lee (@fundstrat) February 8, 2019
First of all, they believe that a weaker US dollar and more confident stock market results in emerging market countries will have a positive impact on the price of the first cryptocurrency. Also, analysts expect an increase in the activity of institutional investors in the field of cryptocurrency, primarily in sectors such as custodial products and over-the-counter trading.
In addition, the push to higher consumer demand for cryptocurrency could be the recent addition of support for bank cards on the Binance exchange, the likely achievement of a critical mass in the Lightning Network, and the IPO of such large companies as Bitmain and Bitfury. Another positive thing for the industry may be the decline in trading volumes on the BitMEX derivatives exchange.
For all these reasons, Fundstrat analysts concluded:
“We have identified the main factors that may affect cryptocurrency, and we see more positive than a negative development event. Overall, during 2019, the overall picture for Bitcoin should improve. ”
Earlier, Tom Lee said that by the end of 2018, Bitcoin would reach new heights and cost about $ 25,000. In December last year, however, he refused to give any further predictions about the "fair price" of cryptocurrency.
Subscribe to the BlockchainJournal news at Telegram: BlockchainJournal Live – the entire news feed, BlockchainJournal – the most important news and polls.
BlockchainJournal.news
BlockchainJournal.news
