Bitcoin Has Found Support And Is Ready To Break Out – Tom Lee

Home » Bitcoin » Bitcoin Has Found Support And Is Ready To Break Out – Tom Lee
October 26, 2018 by
Bitcoin Has Found Support And Is Ready To Break Out – Tom Lee

Co-founder of Fundstrat Global Advisor and Wall Street Analyst, Tom Lee has reiterated his prediction that bitcoin is bound for a significant upward movement in the near future.

Lee, who is well known for his positive attitude towards bitcoin in-between several years of equity research experience has been quite regular in the news in the past few months on cryptocurrency matters. One of his recent predictions suggests that the Ethereum native token, Ether will achieve a $1,900 price target before the end of 2019.

User Adoption Is Key To Growth

I an interview with Blockshow as published by Cointelegraph, Lee notes that it is always very challenging to predict performances of coins and tokens, however he believes that growth in active users will be key in determining what crypto asset will do well in the coming year.

“In the past year we saw the best performing cryptocurrencies have had the best growth in active users (e.g. EOS, XLM, BTC and DOGE). I at least expect Bitcoin to be one of the most profitable cryptocurrencies next year”, he says.

According to Lee, bitcoin is preparing to break out. He confirms the $6,000 level as a key support area that equals the breakeven for mining costs.

While J.P. Morgan predicts that the next major financial crisis will strike the U.S. economy by 2020, Lee is of the opinion that a financial crisis will be inevitable to take place but the exact timing will be quite uncertain. According to him, there is a greater leverage today and the global central banks have less “wiggle” room because of the current low rates. With that being said, Lee chose to differ from the opinion of J.P. Morgan, as he notes that he is not expecting an imminent crisis.

The Place Of Asia In Crypto

Asia is currently playing a significant role in the development of the cryptocurrency ecosystem. The biggest bitcoin mining farms and some of the largest cryptocurrency exchanges are situated within Asia. Trading volumes out of Asia contribute significantly to the sustenance of the crypto market today, as it stands. This is a phenomenon that Lee tends to agree with as he explains why the region will remain significant towards crypto development.

“Asia is a region where I expect crypto to flourish. There is a large population of young people and countries are technically savvy, says Lee. “Also, there are already extensive use-cases of digital money and platforms such as WeChat and others”.

Shows and conferences have become a significant part of the blockchain ecosystem. A lot of major partnerships and networking have sprung up from such events, and the trend doesn’t seem to be slowing down. Lee acknowledges this fact by explaining that blockchain is dependent on community support and conferences, and events allow communities to gather.

Lee is designated as one of the speakers at the Blockshow event that is schedules for Nov 27 – Dec 01 2018 in Singapore. Also to speak at the event are Stanley Yong; Co-founder & Managing Partner at Kenetic, Co-Founder Social Alpha Foundation, Jehan Chu; Co-founder of BTCC and Board Member of the Bitcoin Foundation among several other experts.

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement
Newsletter
© Copyright 2018 Coinstituency. Risk Disclosure: Coinstituency will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Cryptocurrency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite. Coinstituency would like to remind you that the data contained in this website is not necessarily real-time nor accurate, meaning prices are indicative and not appropriate for trading purposes. Therefore Coinstituency doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Coinstituency may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.