According to Tom Lee, the analyst and co-founder of Fundstrat Global Advisors, is a bearish trend that has been going on for nearly a year, the "golden time" for cryptographic market participants. Cointelegraph reported.
During the BlockShow Asia 2018 conference, Lee named three main reasons for the market failure:
- controversial hardcore Bitcoin Cash (BSH)
- the strong measures of the Securities and Exchange Commission in connection with the primary offering of coins, including the requirements for returning funds to ICO investors
- The "enormous" state on world markets, which dropped by about 10% between October and November.
Despite all these factors, the analyst is still optimistic. Describing the current market situation, Lee says:
"There is now a correction, which is the price [биткоина] fell below the 200-day moving average [EMA]. After some time, however, it will grow. It will not be in three months or a year, but it will be in two to three years. And now is the golden time for those who are in the crypt of the industry. "
Tom Lee is convinced that cryptransmission will become a full-fledged and recognized asset class.
"The return on investment can only exceed seven percent if you buy a bear market, Bitcoin may have a short-term recession, but that does not negate the fact that we are still in a very early stage of crypto shop development."He added.
During his speech at BlockShow Lee, he also noted that the cryptoindustry now has only 50 million active wallets. At the same time, the total number of Visa and MasterCard accounts is 4.6 billion. Taking into account the potential network effect, the analyst does not exclude that in 10 years, Bitcoin's price could reach $ 10 million.
Eventually, Tom Lee said the BTC will show "good for the next year" next year, despite the fact that the next three months are full of possible price declines. Analysts' predictions are based on institutional investors and large corporations, including Microsoft and Starbucks, showing interest in digital currencies.
Let's recall that recently, Tom Lee said the recent sharp drop in the Bitcoin price is inherent only in the short run.
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