In a recent interview on CNBC’s Squawk Box, Tom Lee expressed surprise at Bitcoin’s recent behaviour given a recent 9%slump in equity markets. Leeaforementionedhe expected that “Bitcoin volatilityought tobemorehigher based on howlittle BTCis in terms of market cap.”
When askedwhether or notthe presentperiodof stability is “agoodpointto urgein” for those who wishto enter the crypto phase, Lee answeredwithin theaffirmative, adding that Bitcoin [BTC] seems to look for its grounds at around $6,000 USD mark.
As for sustained Bitcoin [BTC] growth, Leeaforementionedthat the BTCwantsa lot more fiatinflows,thatis according to him a realproofof adoption.This is expected to beginhappening bythe tipof this year or early next year, with the launchof latestplatforms and offerings from Bakkt and Fidelity.
Anotherfeaturethat wouldinfluence Bitcoin [BTC]pricegrowth is currency,perLee, as BTCis actuallypriced in USD. “Sodollarstrength hastrulybeen aheadwindfor BTC.Howeverif thedollarbegins to weaken,there’llbe a tailwind for Bitcoin,” Leeadded.
Crypto marketsareseeing somewhatcontinuingstagnation over the past couple weeks, with few of the leading cryptocurrencies budging in the value. As of Oct. 18,datafrom Bitcoinity revealeda regulardecline in the Bitcoin [BTC] volatility, calculated asanaveragedvariancefrom all market trades throughout 2018. Anotherexplanation ofthestabilitymay belowtradingvolumes of BTC.
Crypto marketsunderwentsometransientvolatility as onOct. 29,whenall ofthe topcryptos werewithin thered zone. As at the reporting time, Bitcoin [BTC] istrading at around $6,391.24 USD, up by 0.95%.
Previously, Lee claimed that Bitcoin “couldfinishthe year explosively higher,” citing a correlation between it and therisingmarkets. The “important correlation,” per Lee, lieswithin theproven fact thateachmarketsarerunning somewhat parallelto eachanother, witheachhaving “reallybasicallypeaked” in the early 2018.
Based on the results of last month’s Fundstat survey that incorporated aroundtwenty fiveinstitutions along with9,500 responses to a public Twitter poll, Leestatedthat Wall Streetis lookinga bottom in BTC. Notably, 57%of these surveyedaforementionedthat the price of Bitcoin [BTC] is expected to be around somewhat $15,000 USD by the next year.