Fundstart’s Tom Lee and RT host Max Keiser, two prominent investors of cryptocurrency think bitcoin(BTC) has a bullish outlook and can touch $20,000 in near future.
Fundstart Global Advisors is an independent research boutique which provides market strategy and sector research. When the crypto market was falling down, Bitcoin(BTC) fell over 60% while other leading cryptocurrencies lose almost 90% 0f their value. Even during that gloomy market Tom and Max remained optimistic about bitcoin. From the starting of 2018, they are positive about bitcoins and again and again saying that bitcoin can touch the level of $20000 very soon. According to Toma and Max short to mid-term outlook for the cryptocurrencies especially bitcoin is positive.
This year on 1st September, dominant cryptocurrency Bitcoin(BTC) has breakout its major resistance level of $7,000. From over a month, bitcoin was trading in a range of $6,500 and $7,000. Breakout of the resistance level is a great news for the crypto enthusiasts. In past 24 hours not only bitcoin has broken the resistance but other cryptocurrencies have also recorded a decent gain. According to Max though there is a short-term corrective rally of bitcoin but it is highly likely that by the end of 2018 bitcoin will touch the level of $20,000 especially if the institutional investors invest in the market through trusted custodian solutions. According to multi-asset brokerage eToro, custodian solutions and publically traded crypto instruments can potentially drive the price of bitcoins and other cryptocurrencies. Alternative of ETFs such as XBT have recently debuted in the U.S. market. Increasing alternatives to ETFs are going to increase the institutional demand flow of bitcoins and cryptos.
Other than ETFs positive outlook of Japan and South Korea about the regulatory framework of cryptocurrencies can also lead to a higher demand for cryptocurrencies which will result in a price rise. Trading volume of cryptocurrencies is also increasing which means investors are showing interest in cryptos. The daily trading volume of cryptocurrencies has surpassed the mark of $13 billion while last week the trading volume was $8 billion. All of these things are creating a positive outlook for cryptos and
investors are perceiving that bitcoins are recovering back and trying to make a new high.