According to analyst and co-founder of Fundstrat Global Advisors Tom Lee, continued for almost a year bearish trend — “Golden time” for the participants of the cryptocurrency market. It is reported by Cointelegraph.
Speaking at the conference BlockShow Asia 2018, Lee said there are three main reasons that led to the collapse of the market:
- controversial hardwork Bitcoin Cash (BSH)
- hard action by the Commission on securities and stock exchanges of the USA in relation to primary offerings of coins, including the requirements to return the funds to the ICO investors
- “terrible” situation in the global markets during October-November has fallen by approximately 10%.
Despite all these factors, the analyst remains optimistic. Describing the current market situation, Lee said the following:
“Now there is a correction in which the price [of bitcoin] has fallen below the 200-day moving average [EMA]. However, after some time it will grow. This will not happen in three months or a year, but it will happen within two to three years. And now Golden time for those who kryptonyte”.
Tom Lee is convinced that the cryptocurrency will become a full-fledged and universally accepted asset class.
“The return on investment can exceed seven percent only in the case if you buy in a bear market. Bitcoin does can be downs in the short term. However, this does not negate the fact that we are still at a very early stage of cryptocurrency development”, he added.
During his speech at the BlockShow Lee also said that kriptonyte now there are only 50 million active wallets. At the same time, the total number of accounts Visa and MasterCard is 4.6 billion Taking into account potential network effects, the analyst does not exclude that in ten years the price of bitcoin may reach $10 million.
Finally, you said that BTC will show themselves “good side” next year, despite the fact that the next three months with possible drawdown rates. Analyst forecast is based on the fact that digital currencies are interested institutional investors and large corporations, including Microsoft and Starbucks.
Recall recently you said that the recent sharp decline in the price of bitcoin is inherent only short-term.
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