Fundstrat Research: Wall Street Says Bitcoin Price Has Already Bottomed but Individuals don’t agree

Financial institutions seem to of being more bullish on Bitcoin than the individuals from the crypto Twitter network, as indicated by an ongoing study by Fundstrat Global Advisors. Tom Lee, overseeing accomplice and head of research for the organization, has uncovered that in a meeting on 4 Oct with CNBC.

The research is based on a survey which involved 25 financial institutions, and also 9,500 reactions to a Twitter poll on September 30. The research came to the conclusion that Wall Street things that Bitcoin has bottomed and it is not going any lower.

More than 54% of the financial institutions who participated in the survey are optimistic and think that Bitcoin already touched the lowest price for this year.

Institutional investors are additionally bullish toward the Bitcoin potential of growth in the future. 57% percent of survey participants said that Bitcoin may reach $15k to the moon by the end of 2019.

An interesting fact is that the individuals on crypto Twitter who participated Tom Lee poll are more bearish on Bitcoin. 66% of them think that Bitcoin price may drop further and only 44% think that Bitcoin price may reach $15,000 by the end of 2019.

Bloomberg revealed on 1-Oct that financial institutions have trading volume has surpassed the retail investor’s volume, taking into consideration transactions bigger than $100,000. Financial institutions like mutual funds are becoming every day more associated with the crypto markets through over the counter trading desks (OTC).

Image Source: Bloomberg

Lee, who gives off an impression of being adhering to his prior conjecture that Bitcoin will exchange somewhere in the range of $22,000 and $25,000 before 31 December 2018, has recently made another hopeful forecast – this time, about a top altcoin “Ethereum” (ETH). In an interview with Bloomberg, Lee has said that Ethereum is in regards to see a ” trend reversal and rally strongly up to $1,900 per coin before the finish of 2018”.

On the other side, CEO of crypto venture firm Galaxy Digital Capital Management Mike Novogratz has yesterday canceled his prior expectation that Bitcoin will reach $45,000 by November 2018. Presently, the extremely rich person and financial specialist do not anticipate that Bitcoin will even break the $9,000 edge in 2018.

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