In a recent interview with CNBC, Fundstrat’s Tom Lee spoke about the prevailing scenarios in the current cryptocurrency market and touched upon the institutional as well as the public’s perspective on Bitcoin [BTC] price slump.
Bitcoin has been undergoing a steady hold above the $6000 mark for some weeks now and investors across the board have called this point as Bitcoin’s strong support. Lee had earlier stated that Bitcoin’s hold at the $6000 mark is a great sign for investors and enthusiasts alike because there is an indication of a reverse in prices.
According to Lee, the prices will shoot up because of certain catalysts acting as a support for cryptocurrencies. He feels that the launch of ICE backed Bakkt will act as a required push for the positive adoption of cryptocurrencies.
In the interview, the financial analyst spoke about a survey conducted for both institutional investors as well as the general cryptocurrency public. The results of the survey had shown that 44% of the cryptocurrency Twitter [which is the public] feels that Bitcoin will continue to fall till the beginning of next year.
On the other hand, 54% of the institutional investors stated that the price of Bitcoin has bottomed out and from here on out the cryptocurrency is going to see a steady climb.
Lee added that the perception of the public as well as the institutional investors shows a pattern of increasing adoption of the cryptocurrency. He went on to say that Bitcoin’s stronghold at the $6000 mark is not a coincidence and that it is a mark of a fledgling digital asset. Tom Lee stuck to his opinion that Bitcoin can still hit the $20000 mark and gave his reasons for it. He said:
“Hitting 20k shouldn’t be a problem for Bitcoin looking at all the facts right now. The cryptocurrency is still in its nascent stages and the 50 million cryptocurrency wallets that exist right now are contributing to most of it. With the industry steadily growing, the number of wallets are obviously going to rise which will play a hand in the prices shooting up.”
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