Wall Street Institutions Say Bitcoin Prices Already 'Bottomed'

in #bitcoin6 years ago

Consensus among institutions that Bitcoin price has reached its bottom at $6000 - $6500 and more experts are entering the industry


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News reported on CNBC - Kate Rooney details major institutions calling a bottom for Bitcoin prices albeit their conservative views on the cryptocurrency market.

During a private dinner, Fundstrat's Tom Lee polled 25 institutions as well as gotten 9500 responses from Twitter users. They were asked the following question: "When do you think Bitcoin will bottom?". Results of the polls show 44 percent of Twitter respondents thinking that Bitcoin has already hit its low. As for the 25 institutions, 54 percent of them had the same opinion.


Image source: pixabay - geralt

The overall poll show a 50-50 result. At this point, the pendulum seems to swing either way. If institutions were to remain bullish on Bitcoin, we could see the gradual rise in BTC prices in the upcoming months.

Institutions were also more bullish how high they think bitcoin's price can climb. From institutions, 57 percent said bitcoin would rise anywhere from $15,000 to "the moon" by the end of 2019. Twitter users were less optimistic, with 40 percent predicting that price movement.
Source: CNBC - Kate Rooney

We have already heard news that financial institutions are picking up Bitcoin via OTC trading. This is coherent with their overall sentiment that Bitcoin has bottomed out, and hence a good timing to start entering the cryptocurrency market. Read more: https://steemit.com/bitcoin/@tysler/institutional-investors-pick-up-bitcoin


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BitMEX, one of the world's largest cryptocurrency platform, is getting serious on ramping up regulations and security. Angelina Kwan was appointed COO to oversee the company's overall development. Kwan is a regulatory veteran in Hong Kong as she has previously worked as head of regulatory compliance for Hong Kong Exchanges.

“I hope my previous experience will help in establishing a constructive dialogue with the various regulatory authorities around the world over the development of regulation in the cryptocurrency industry,” she said in a telephone interview on Tuesday.
Source: South China Morning Post - Enoch Yiu

Wall Street veteran, Ric Edelman, has been appointed as an investor and advisor to New Bitwise asset management. Ric also predicts the arrival of the Bitcoin ETF and that cryptocurrencies will be moving toward mass adoption in the future.

“A day will come when SEC creates or allows a Bitcoin ETF,” Ric said during an interview.
Source: coingape - Sunil Sharma

-tysler

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Wall street needs bitcoin more than bitcoin needs wall street.
Governments need bitcoin more than bitcoin needs governments.
Not much space left on the life raft

that's a good analogy :)

Your article sums it up perfectly fine, also when in this crazy crypto scene nothing can be predicted, at least I have my point of view and I´m also thinking that bottom has reached , I just wrote about RIC and Wall St., maybe you drop by and hopefully find something you would consider as a good read :) ´Will follow your blog for sure!

While I hope the bottom is in, I think we have to still see a capitulation decline with large volume. That could signal a true bottom and start of a new uptrend in the market.

This is a wonderful post and I will agree to what wall street institutions has said. Mere looking at the bitcoin chart, we can see that bitcoin has formed a very strong support at the 6,000 to 6,500 range. This is the reason why financial institutions are buying into bitcoin at this price, i would simply say it is a discount price :)

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