Fundstrat Global Advisors has published its 2019 outlook on the cryptocurrency market. The document suggests that positive incremental developments are incoming.
Mainstream Adoption Not Needed for Bitcoin to Bottom
Tom Lee, Fundstrat Global Advisors’ Head Analyst, has announced the release of the company’s 2019 Outlook on the cryptocurrency market.
The document outlines the disappointing year digital currencies had in 2018, as well as the fact that expectations for cryptocurrencies are “non-existent or very low.”
Additionally, it also states that 2019 is not necessarily a ‘mainstream breakout year.’ However, that’s also not needed for cryptocurrency prices to ‘eventually bottom’ in 2019. The report outlines that the company expects prices to stage a visible recovery by the end of 2019, without providing any precise predictions regarding the future value of any digital currency.
The Outlook seems to contradict the position of Robert Sluymer, strategist at Fundstrat Global Advisors, who recently noted that Bitcoin and the cryptocurrency market, in general, are displaying signs of vulnerability.
Just a day later, however, contrary to Sluymers prognosis, the entire market gained over $10 billion, while Bitcoin surged 11 percent, hitting the $3,700 target in a matter of hours.
Factors Supporting Higher Prices in 2019
Lee also revealed the factors for which his company has come up to the above conclusion.