Bullish Key Players: Fundstrat lowered their end of year BTC price prediction from over $25,000 to $15,000 but remains optimistic and bullish about the currency. Tom Lee of Fundstrat has remained cautiously optimistic, calling for BTC to hit $15,000 by 2018’s end. Lee believes the bottom is in and this last wave of FUD and panic is a great foundation to build on.
Mike Novogratz, the CEO of major crypto investment firm Galaxy Digital, forecasts that bitcoin will break out of its 2018 stagnations and could rise to $20,000 in 2019, all of this powered by a spike in institutional investments entering the space. There are many reasons why the price might increase in the upcoming year, multiple financial institutions are entering the market such as the Intercontinental Exchange (ICE), who will launch their platform “Bakkt” that will go live during January 2019. Bakkt is run by the same parent company is the New York Stock Exchange (NYSE)
Cameron Winklevoss, co-founder of the crypto exchange – Gemini and the fourth wealthiest cryptocurrency investor and his brother have been working with proper authorities to apply for the Bitcoin ETF (exchange-traded funds) to the U.S Securities and Exchange Commission. If approves this will be a positive catalyst pushing the BTC price higher.
Banks & Institutions: Fidelity, one of the world’s largest financial services provider with over $7.2 Trillion in assets are beginning to enter into cryptocurrencies. Additionally, this year Yale University has invested in the Paradigm fund, which focuses on cryptocurrencies, blockchain technology, and coin exchanges, according to Bloomberg News and other outlets. Bitcoin ETF is also a very discussed subject that might become a reality during early 2019.
Adoption: Circuit partner Eugene Ng believes that concentrating too much on the tumbling price of Bitcoin and other cryptocurrencies might have diverted people’s attention from the positive developments happening in the space. For instance, Ng argues that adoption has actually been growing non-stop the entire time. This explains why most crypto businesses are gearing up for expansion if they have not already done so, as well as the movement of talent into the industry. Additionally, a recent report showed that 50% of ICOS which raised ETH back in early 2018 have not sold the ETH they raised yet and are still holding it in their treasury. This shows that the underlying projects still have faith in the overall market and believe we will see a trend reversal in the near to medium term.