Fundstrat’s founder Tommy Lee, the pro-Bitcoin analyst who has been bullish on cryptocurrency for a few years now, has stated in a new case study released on Fundstrat’s website that he believes 2019 holds multiple developments for cryptocurrency that will serve as a support for higher prices. The Wall Street analyst has previously stated his belief in Bitcoin’s rise in price, however, is claiming now that there were core strengths implemented that will reinstill hope.
Lee went on to further explain his stance on Twitter, saying that “Positive developmental increments are coming” for cryptocurrency are coming within the next year. In his thread of Tweets, Lee states that there are a few core fundamental reasons as to why cryptocurrency will come out on the other side better in 2019 than it did in 2018.
Fundstrat’s Predictions for the 2019 Cryptocurrency Market
Fundstrat, through their recently released report, has indicated that there were multiple layers of the cryptocurrency market that blended together with indicators to point towards a decreasing market. These mainly include fundamentally: SEC and financial impending regulation and lack of clarity regarding laws, saturation of low-level use projects and ICOs with no usability, and investments made without clear due diligence. As far as technical indicators, Fundstrat also claims that based on multiple scanners including the SMA and RSI levels of Bitcoin and the overall cryptocurrency market, that things are starting to turn around and are ready for another boost in the direction upwards.
While their report did not go into details regarding the specific pinpoint timing of when they’re expecting the assets to make moves in these directions, the report focused more on the generalized notion of 2019; Fundstrat additionally reported that with these new developments, they’re confident of Bitcoin surpassing $20,000 by the end of the year as well.
Weighing All of Fundstrat’s Predictions
This is nowhere near Fundstrat’s first prediction on the cryptocurrency market and Bitcoin. The blockchain digital asset management firm has publicly stated their belief in cryptocurrency rebounding plenty of times before. In early 2018, the looming prediction was $20,000 by the end of 2018, however, this clearly failed to go through. The company has come under a bit of backlash from some of the cryptocurrency community on Twitter and other forms of social media because of their previous misfired predictions. While 2017 marked a year of continued successful predictions on the market, Fundstrat began to gain a bit of rapport in the predictions market because of the continued success of Bitcoin and cryptocurrency. 2018 has proven a bit more challenging for analysts, however, because of the increasing volatility.
Regardless, this most recent statement indicates a continued bullish stance from Fundstrat and the overall market. As 2019 prices started off with an increase, time will tell if Lee’s bets will eventually pay off.