Tom Lee on Bitcoin: ‘Fair Value’ Is ‘A Lot Higher Than Where It Is Today’
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Visit - https://t.me/btctradingclub
On Friday (February 8th), Thomas Lee, a Managing Partner and head of research at independent research boutique Fundstrat Global Advisors, delivered his firm's outlook on the crypto market in 2019.
A day earlier, Bloomberg had reported on a research note by Robert Sluymer, a Managing Director and Technical Strategist at Fundstrat. In this note, Sluymer had written:
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower low."
Furthermore, he had said that for Bitcoin (BTC) the key support level to watch was $3,100:
"A break below the fourth-quarter lows at $3,100 would imply a decline to $2,270, while a move above $4,200 is needed to signal Bitcoin is beginning to improve."
Unfortunately, this got misreported in some news outlets, which upset Lee, who sent out a tweet to criticize this type of "fake news," and then to clarify his firm's outlook on cryptocurrencies in 2019, on Friday, he sent out a couple of more tweets, which referred to a research report that his firm had published earlier that day:
The key takeaway from this tweet is that Fundstrat believes that "many of the headwinds of 2018 are turning into tailwinds", with a significant recovery rally in the crypto market expected to take place before the end of the year.
The next tweet showed a chart from the report that showed how some of those factors that acts as "headwinds" in 2019 had turned into "tailwinds" in 2019:
Also, on Friday, Lee, who has a reputation as a "permabull", gave an interview to CNBC, and was naturally asked about his latest forecast on Bitcoin. Here is how he answered this question:
One of the hosts didn't want to let Lee got off the hook so easily, and asked him how he could be confident about setting a price target on Bitcoin given that he had been wrong in his price forecast for Bitcoin last year. Lee replied:
Visit - https://t.me/btctradingclub
On Friday (February 8th), Thomas Lee, a Managing Partner and head of research at independent research boutique Fundstrat Global Advisors, delivered his firm's outlook on the crypto market in 2019.
A day earlier, Bloomberg had reported on a research note by Robert Sluymer, a Managing Director and Technical Strategist at Fundstrat. In this note, Sluymer had written:
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower low."
Furthermore, he had said that for Bitcoin (BTC) the key support level to watch was $3,100:
"A break below the fourth-quarter lows at $3,100 would imply a decline to $2,270, while a move above $4,200 is needed to signal Bitcoin is beginning to improve."
Unfortunately, this got misreported in some news outlets, which upset Lee, who sent out a tweet to criticize this type of "fake news," and then to clarify his firm's outlook on cryptocurrencies in 2019, on Friday, he sent out a couple of more tweets, which referred to a research report that his firm had published earlier that day:
The key takeaway from this tweet is that Fundstrat believes that "many of the headwinds of 2018 are turning into tailwinds", with a significant recovery rally in the crypto market expected to take place before the end of the year.
The next tweet showed a chart from the report that showed how some of those factors that acts as "headwinds" in 2019 had turned into "tailwinds" in 2019:
Also, on Friday, Lee, who has a reputation as a "permabull", gave an interview to CNBC, and was naturally asked about his latest forecast on Bitcoin. Here is how he answered this question:
One of the hosts didn't want to let Lee got off the hook so easily, and asked him how he could be confident about setting a price target on Bitcoin given that he had been wrong in his price forecast for Bitcoin last year. Lee replied:
