Co-founder and head of the research directions in Fundstrat Global Advisors Tom Lee admitted that his prediction about the rise of bitcoin after the conference, Consensus was not justified.
As reported by Bloomberg, Lee argues that the cryptocurrency market is still “faces significant internal resistance and obstacles from conventional financial institutions.”
Recall that after the penultimate forecast, the growth of the bitcoin after the deadline for the submission of tax returns in the United States, was justified, you made another one, which claimed that the price of the cryptocurrency the number one will go up after the large-scale events in the cryptocurrency world conference Consensus 2018:
We expect that BTC and other cryptocurrencies will behave as in previous years, when the price of them started to grow even during the conference, and the growth continued even after its completion.
In its report to its clients on Friday That Lee explained that his forecast was based on factors such as the collection of the crypto community “in one place” and “a significant increase in attendance this event this year”. Tom was expected that these factors will have a positive impact on the prices of cryptocurrencies.
In his tweet on may 18 Tom Lee confirmed the fact that the cryptocurrency markets instead of rising, fell to 10 percent during the conference, although it consisted of 8700 participants. This is three times more than last year.
CRYPTO: #Consensus2018 rally did not happen, very disappointing. What we needed was a trifecta of progress: (i) institutional custody/tools; (ii) buy-in by banks/investment managers; (iii) regulatory clarity (3 of 3 needed), but we got progress on (i) and (ii). Full text below pic.twitter.com/XcqNhgYgK7— Thomas Lee (@fundstrat) May 18, 2018
Tom Lee believes that the growth of the cryptocurrency industry depends on three factors: institutional investors, support from the banks, and clarity in regulation.
The cryptocurrency market is still facing considerable internal resistance and obstacles from conventional financial institutions… But reassuring, the fact that financial institutions are beginning to work more actively with this market.
According to Bloomberg, Fundstrat still expects that by the end of this year the price of bitcoin will reach 25.000 US dollars. Earlier this month, Tom Lee predicted that bitcoin will cost 36,000 US dollars by the end of 2019.