According to Fundstrat’s Tom Lee, crypto traders and investors are too bearish. Additionally, Brian Kelly echoed these statement by adding that there will be a massive adoption of cryptocurrencies in the coming year. These experts have been ‘arguably overly’ bullish on the crypto industry, digital asset market and blockchain space.
Price Analysis
Previously, Bitcoin (BTC) had recovered slightly and reclaimed the support at $6,400. However, the gains were capped at $6,469 as at writing time. According to the short-term hourly chart, the coin’s price is ready for an upswing in the meantime, but the long-term daily chart indicates that buyers are not ready to move in for the kill.
Other coins such as Ethereum (ETH) and Ripple (XRP) have also lost their previous week’s gains. For instance, Ethereum lost 2% in the last 24 hours to trade at $203 from $206 on Sunday 21 October. Similarly, Ripple (XRP) lost 3% and is currently trading at $0.4522. The rest of the top 20 digital currencies are in the red, with little signs of gains in the near future.
2019 To See Massive Adoption of Cryptocurrencies
Brian Kelly, the CEO of BKCM and an active CNBC commentator and analysts, stated that,
“I can tell you from the conversations that we’ve had, for our crypto hedge fund, that the institutional heard is starting to enter this market.”
Kelly further added that Wall Street giants such as Vanguard and Schwab are likely to enter the cryptocurrency market, by allowing clients direct access to cryptocurrency trading tools.
Moreover, Tom Lee recently shared his opinions with ‘BlockchainChick’, a crypto enthusiast. He applied his experience in the financial markets to emphasize that Bitcoin’s price will rally above $20,000 to hit $25,000 by the end of this year.
Do you believe that the future is bright for the crypto industry as claimed by these experts?
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