Financial analyst and co-founder of Fundstrat Global Advisors Tom Lee (Tom Lee) has shared a new Outlook for bitcoin. He believes that the macro-factors that “pulled” the cryptocurrency down, weaken, and soon it is waiting for new growth. These factors he took the rally in risk assets and the situation with the U.S. dollar.
According to Fundstrat, the slowdown in emerging markets observed in the last few months, did not allow bitcoin to go up:
He also noted that the recent rally seen in the S&P 500 index and the stocks of companies with low capitalization, was greater than two standard deviations. This means that the price of bitcoin could rise to $10-20 thousand, to catch up with the action.
CRYTPO (2/2): the natural question is how much implied upside #bitcoin to “catch up” to macro.
S&P 500+small-cap rally since 12/24 is >2 std dev.
1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k.
NOT OUR BASE CASE. Just highlighting macro tailwind. pic.twitter.com/p67FDNGmI3
— Thomas Lee (@fundstrat) March 17, 2019
However, many financial experts do not see any correlation between the price movements of bitcoin and the situation on the stock market.
“I like bitcoin because it is not correlated with the stock market. The bitcoin base has no correlation with stocks or bonds, making it a great diversification”, – said recently the founder of Value Partners Miller bill Miller (Bill Miller).
In Scripturally routine forecasts Whether Tom was perceived critically, as he has repeatedly been wrong in their assessments.
In April 2018 Lee insisted that bitcoin expect new highs after the end of “tax season”. At that time the analyst attributed the fall in the price of BTC with massive sales, arrange kriptosistema to avoid paying taxes. However, the forecast did not materialize.
31 may colleague Lee, Director of technical strategy Fudstrat Robert Sluymer (Robert Sluymer), said that bitcoin has reached a bottom and will soon begin to grow. But the rebound has not occurred.
In November, Lee repeated his prediction that bitcoin will reach $15 000 by the end of 2018. At that time the analyst was called to the current kryptonim “awkward transition” that will end quickly. However, this time he was wrong.
Eventually, in December 2018, Lee said he will no longer make predictions about the price of bitcoin. However, he said that the fair market price of BTC is around $13 800-14 800. However, at the time of the bitcoin rose above $4180.
All of these erroneous forecasts have destroyed the credibility of Tom Lee, as an expert in this field. In comments to the latest forecast on Twitter, posted on 17 March, users have openly expressed their distrust.
“I have a positive attitude to bitcoin, but that guy no longer believe. He was wrong more times than forecasters in the Bermuda triangle,” wrote one user.
Despite the failed predictions of experts (and was wrong about almost everything), many experts in the cryptocurrency industry are confident that the bitcoin will become mainstream and revolutionaire the world. But revolutions take time, and progress is never linear.
We will remind, earlier this month, Tom Lee , said that bearish sentiment on the bitcoin-bullish market will change within six months. The turning point, in his opinion, will occur in August.