Bitcoin Will Recover Without 'Mainstream Breakout' in 2019, Says Fundstrat
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.
Apparently, there are 10 factors which will supposedly help cryptocurrencies recover in prices and only one negative.
One of the factors outlined by Fundstrat is the Lightning Network reaching critical mass and privacy.
Bitcoinist recently reported that the Lightning Network has already surpassed 6,000 nodes. At the time of this writing, the network has a capacity of 655.30 BTC or roughly around $2.38 million.
What do you think of Fundstrat’s 2019 Crypto Outlook? Do you agree that prices will recover by the end of 2019? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock
Source: Read Full Article