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Institutional Players Believe Bitcoin Price Has Already “Bottomed” – Fundstrat Survey



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A recent survey that was conducted by Fundstrat Global Advisors has indicated that institutions are more bullish on Bitcoin than members of the crypto community on Twitter.

Tom Lee, who is the managing partner and head of research for the company, has disclosed this in an interview with CNBC.

Based on the results of a private survey of 25 establishments, as well as 9,500 responses to a public Twitter poll that was done on September 30, Lee determined that Wall Street is calling a bottom in Bitcoin.

As much as 54 percent of respondents to the survey of institutions are confident about the cryptocurrency, claiming that Bitcoin has already hit its lowest price point in 2018.

Institutional players are also confident when it comes to the potential growth of Bitcoin. 57 percent of those surveyed have said that Bitcoin’s price is going to $15,000 to “the moon” by the end of 2019.

In contrast, the crypto community on Twitter aren’t as optimistic about Bitcoin. 66 percent of respondents to Tom Lee’s Twitter poll have stressed that Bitcoin can still drop lower than its current state. Only 40 percent consented that Bitcoin is likely to reach $15,000 by year end 2019.

On Oct. 1, a report done by Bloomberg indicated that institutional investors have take the place of high-profile retail investors as the most prominent players in cryptocurrency trading, when it comes to transactions worth over $100,000. Traditional investors, such as hedge funds, are said to be becoming more engaged in the crypto markets through over-the-counter deals.

Lee, who appears to be sticking to his initial forecast that Bitcoin would trade between $22,000 and $25,000 by the end of this year, has recently made another bold prediction – this time, about major altcoin, Ethereum (ETH). Speaking to Bloomberg, Lee has stated that Ethereum is about to see a “trend reversal and rally strongly,” up to $1,900 per coin by the end of 2018.

Equally, CEO of crypto investment firm Galaxy Digital Capital Management Mike Novogratz has taken back his initial projection that Bitcoin would reach $45,000 by Nov. 2018. Now, the billionaire investor does not even expect Bitcoin to go past the $9,000 threshold in 2018.

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