BTC to Fall Under $6k, Tom Lee Thinks

Bitcoin’s painful start of the year isn’t over, according to co-founder of Fundstrat Global Advisors
16 March 2018   1157

The fall of bitcoin, which began in early 2018, will continue in the near future, says Wall Street analyst and co-founder of Fundstrat Global Advisors Tom Lee. According to him, the coin lost 60% of the price after the historic record in the region of $ 20,000, and continues to show signs of a drop to $ 5873, Bloomberg reports.

As Lee noted, the news about strengthening regulation, as well as the decision of Facebook and Google to ban advertising of crypto-currencies and ICOs significantly affect the digital assets market.

When sentiment is this weak, the market is increasingly ’fire, ready, aim’ - meaning, any headline today is likely to trigger selling. 

Tom Lee

Wall Street analyst; co-founder, Fundstrat Global Advisors

The report notes that the price of bitcoin almost doubled after falling below $ 6,000 in January, but could not overcome the $ 12,000 mark. In addition, over the past eight days, bitcoin first broke the support level at $ 9325, and this Wednesday - and the level of $ 8,370. The next two levels of support - $ 7535 and February $ 5873, the report says.

Most Crypto to Fail, Digital Currency Group CEO Says

Barry SIlbert believes Bitcoin is a king and when the mood among major investors changes, BTC is waiting for serious and aggressive growth
14 February 2019   240

Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.

I'm not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what's out there will be eliminated.

Barry Silbert

Head, Digital Currency Group

At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.

According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.

I'm convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I'm highly confident a lot of that will go into bitcoin.

Barry Silbert

Head, Digital Currency Group

Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure was already in place, listed the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt.

When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.