The head analyst of Fundstrat Global Advisors – Tom Lee, has revealed the company’s outlook on the cryptocurrency market for 2019. According to it, positive developments in the industry are staging price recovery by the end of the year.
Cryptocurrencies Staging a Price Recovery
In an official Twitter post, Tom Lee, the Head Analyst at Fundstrat Global Advisors, revealed that the company has published its 2019 Outlook on the Cryptocurrency Market.
CRYPTO: we published our 2019 crypto outlook this am. Positive incremental developments coming. First paragraph below. pic.twitter.com/JkkBEvRmxl
— Thomas Lee (@fundstrat) February 8, 2019
Per the document, the specialists outline that there are 10 positive factors coming in 2019 which are going to set the stage for a price recovery by the end of the year.
Factors such as the improvement in Bitcoin’s scalability solution – the Lightning Network, Binance starting to accept credit and debit cards, institutional grade custody solution in the making, and others of the kind, are the reasons Fundstrat holds Bitcoin and other cryptocurrencies will come back.
There’s actually only one negative factor coming in 2019 according to the firm, and that’s the difficulties funds are having when raising capital.
Adoption Not a Critical Factor
One of the notable conclusions of Fundstrat is that mainstream adoption is unlikely to follow in 2019. However, the company doesn’t believe that it’s even needed for the prices of cryptocurrencies to eventually bottom.
Is 2019 the mainstream breakout year? Nope. But that is not necessary for crypto prices to eventually bottom in 2019 and by the end of 2019, we expect prices to be staging a visible recovery. – Reads the document.
It’s also notable that the document doesn’t go so far as to provide an actual prediction regarding any of the cryptocurrencies price for a selected period of time.
Earlier in 2018, Tom Lee made a prediction that Bitcoin will hit $25,000 by the end of last year. Obviously, this prediction was missed by a long shot.