Tom Lee: I was pleasantly surprised by the stability of bitcoin
Speaking with CNBC, he drew a comparison between the cryptocurrency market and the stock markets, which have experienced a 9% decline since early October. “Bitcoin volatility should was be much higher, if take into account that its capitalization is much less “, – he said.
Answering to question about Tom, could a period of stability be a “suitable starting point” for those who only plans to enter cryptocurrency space, Lee suggested that bitcoin found a safe minimum about $ 6 000.
Regarding the prospects for growth in the price of Lee’s cryptocurrency noted, that bitcoin needs more fiat injections, which will become real evidence him distribution. According to the analyst, this will happen at the end of this or early next year with launching Bakkt and Fidelity platforms.
Another factor influencing on bitcoin price, by words Lee, is an currency paired with which is he traded. “The strength of the dollar proved to be a deterrent to bitcoin. If the dollar starts to weaken, for bitcoin this will be a positive factor, “he explained.
Lee previously stated that Bitcoin can finish current year by much more high levels in quality argument pointing out the correlation with developing markets. By the analyst’s observations, these seemingly unrelated markets reached peak at the beginning of the year, after which ended up in a protracted downtrend.
Last month company Fundstat surveyed representatives of 25 institutions and came to the conclusion that there is no further Bitcoin expected on Wall Street. It is noteworthy that 57% of survey participants believe that by the end of next year, the price of bitcoin will be located where-then in the range “from $ 15,000 to the Moon”.