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Tom Lee cuts $ 10,000 off the EOY bitcoin price
For a CNBC article, Tom Lee, the Bitcoin man at Fundstrat Global Advisors, recently lowered his forecast for Bitcoin (BTC) prices of $ 10,000, claiming that the most important asset of this sector it will only reach $ 15,000 by the end of the year, not $ 25,000 as it has claimed incessantly on previous occasions.
Like its previous bitcoin price demands, the Fundstrat executive drew attention to the break-even cost of a BTC mining, which he believes directly correlates with the price of the digital asset. Lee noted that the break-even cost with the Bitmain S9 machine dropped to $ 7,000 from $ 8,000, adding that it would be correct for BTC to exceed 2.2 times that figure.
He also drew attention to the contention of Bitcoin Cash, which is an ongoing epic, as seen by the endless fight between Bitcoin ABC and Bitcoin Satoshi & # 39; s Vision. Like other analysts, Lee explained that the recent downward price action can be attributed to the fork, alluding to the fact that this so-called "civil war" is fueling feelings of distrust in cryptic investors in general.
However, while Lee's decision to cut $ 10,000 off his predictions could accentuate fleeting signs of bearish sentiment, the bottom line is that the Fundstrat's internal researcher is not yet ready to give up BTC, even though his dignity has took a strong blow to the chin, so to speak.
Lee added:
While the bitcoin broke below that psychologically important $ 6,000, this led to a renewed wave of pessimism … But we believe that the negative oscillation in sentiment is much worse than the fundamental implications.
Other insiders remain confident about Crypto
It is interesting to note that Lee is not the only member of the industry to be bullish on the short and medium term prospects of this sector.
At the beginning of October Spencer Bogart, a member of Blockchain Capital, explained that positive institutional news, such as the arrival of TD Ameritrade, Yale and the Intercontinental Exchange (ICE), will probably be the main contributor to the imminent bonfire of the crypto (bullfight), as it was.
Lee supported this statement, calling attention to the incumbent launch of Bakkt and FDAS as "[a] part of a wider establishment of infrastructures necessary for institutional involvement ".
In contrast, Nikolay Storonsky, CEO of Revolut, recently said that retail investors will drive the cryptic 2019 race, going against the popular sentiment that the launch of Bakkt and institutional Fidelity Digital Asset Services (FDAS) will push Cryptography to Main Road after Wall Street fills their bags.
Others have begged to disagree, but as always, investors, both from the Bitcoin maximalist and the altcoin defense camp, have begun to express their opinion that a run of cryptocurrencies is at stake. However, at the time of writing, the cryptography market failed to recover, with BTC and its altcoin brothers reporting losses of 2-3%.
Title Image of Noah Silliman on Unsplash
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