The positive momentum among cryptocurrency enthusiasts should not be overlooked whatsoever. In fact, it seems most experts are convinced the bearish trend for 2018 has come to a full step. Even institutional investors appear to be thinking along the same lines, which is a bit surprising. If Bitcoin has indeed bottomed, things will get rather interesting from here on out.
It is difficult to say how the Bitcoin price will evolve. Everyone has a different take on the world’s leading cryptocurrency. With short-term bearish pressure forming right now, anything is possible. Even so, institutional investors remain confident things will get better from here on out. A survey shared by Fundstrat’s Thomas Lee paints a very interesting picture in this regard.
Institutional Investors Turn Bullish on Bitcoin
The Fundstrat survey shows how most investors consider the Bitcoin price bottom to be locked in at $6,600. That is a positive trend, although lower than some people want to see. Even so, the crazy run in late 2017 was a fluke first and foremost. Compared to early 2017, the Bitcoin price is doing just fine right now. It is uncanny how quickly people forget that slow start to last year. Looking at the bigger picture, there’s absolutely nothing to worry about where Bitcoin is concerned.
CRYPTO: We hosted a small group of institutional investors on 4/23, mix of crypto and traditional macro HF/long-only. Results below. Key takeaway, institutions believe #BTC bottomed. We see this as a leading indicator for inflows of big money into Crypto pic.twitter.com/NybWPTZTg4
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) April 24, 2018
It also appears institutional investors consider Bitcoin to remain range-bound for the year 2018. Under half of the respondents consider a jump to $30,000 to be within the realm of possibilities. There’s nothing wrong with optimism, but surpassing $20,000 will be challenging enough as it is. Even so, the optimism is clearly evident, which can only be considered to be a good thing.
Ethereum enthusiasts will be pleased to see these survey results as well. Just one in three believes Ethereum will be classified as a security token. Right now, such a development appears hardly plausible, although regulators are looking into the matter regardless. An interesting situation to keep an eye on, that much is evident. The rest of 2018 will be quite thrilling as well, even if things are not as bullish as they were late last year.
Header image courtesy of Shutterstock
