Fundstrat Survey Of Institutions – Bitcoin Price Has Already ‘Bottomed’
A recent study by Fundstrat Global Advisors has revealed that mainstream financial institutions are more bullish on Bitcoin (BTC) than the crypto community on social media platforms. This information was revealed by Tom Lee, Fundstrat’s managing partner and head of research.
Fundstrat arrived at the result based on a private survey of 25 institutions and over 9,500 responses to a poll conducted September 30 on Twitter. Based on the poll result, Tom Lee arrived at the conclusion that Wall Street believes that Bitcoin has touched its rock bottom price level.
Nearly 54% of the institutions which participated in the survey have an optimistic view of the cryptocurrency, opining that Bitcoin has already attained its lowest price point this year.
Institutional players also have a bullish view of the potential growth prospects of Bitcoin. 57% of respondents believe that Bitcoin’s price could reach between $15,000 and “the moon” by the end of next year.
On the contrary, the crypto community, which is active on Twitter, seems to less optimistic about Bitcoin. 66% of survey participants in Tom Lee’s Twitter poll believe that Bitcoin could still decline further from the current price. Only 40% believe that Bitcoin will probably hit $15,000 by the end of 2019.
Notably, Bloomberg has reported that institutional investors have taken the place of high network retail investors to become the biggest players in cryptocurrency trading, particularly when transactions worth over $100,000 is taken into consideration. Traditional investors, such as hedge funds, are reportedly becoming more involved in the crypto markets via over-the-counter deals.
Lee, who continues to maintain that Bitcoin will reach between $22,000 and $25,000 by the end of this year, has recently issued another optimistic forecast about Ethereum (ETH). While speaking to Bloomberg, Lee has stated that Ethereum will see a “trend reversal and rally strongly,” that will take it to $1,900 per coin by the end of this year.
On the contrary, Mike Novogratz, CEO of crypto investment firm Galaxy Digital Capital Management yesterday slashed his price forecast for Bitcoin $9,000 in 2018, from $45,000 predicted earlier.