Most Institutions Believe Bitcoin (BTC) Has Bottomed
A survey conducted by Fundstrat Global Advisors revealed that major institutions have a higher bullish sentiment than ordinary users of cryptocurrencies.
In an interview for CNBC, Tom Lee, Fundastrat’s CEO commented that institutions have a higher degree of security regarding their view of the crypto landscape. Although they are generally the most cautious actors, most institutions believe that Bitcoin has bottomed at the current levels.
This survey corroborates Mr. Lee’s view of the historical behavior of Bitcoin prices. According to his insights in both technical and fundamental analysis, the reasons for accumulating Bitcoins are very attractive.
Mr. Lee’s focus has always been on the medium and long-term, the intraday analysis is not usually the centerpiece of his predictions nor does it seem to be the primary interest of institutional investors.
Tom Lee Shows The Contrast Between Institutions and Users
According to his explanation to CNBC, Tom Lee polled 25 institutions during a recent dinner and compared the results with a survey he conducted a few days ago on Twitter with similar questions.
This allowed him to contrast the vision of the institutions with the answers of more than 9500 participants from the community of crypto users responding to all the questions on Twitter.
According to the research, When asked “When do you think bitcoin will bottom?,” 66% of the Twitter community believes that Bitcoin (BTC) can go even lower. This contrasts with the opinion of large institutions that by 54% believe that Bitcoin already reached the historic lows of 2018.
CRYPTO POLL (3 of 6 questions): When do you think Bitcoin will bottom?
The sharp bearish trend of 2018 has affected the optimistic mood of many users. The popularity of Bitcoin and other altcoins grew strongly during 2017 thanks to the hyper-accelerated expansion of the crypto market.
Many users were encouraged to “invest” in such markets without knowing how to react to a bearish trend; however, precisely at times like the present where Bitcoin seems to be close to its historical minima, the profit potential is high for those who genuinely believe in such markets.
The vision of big institutions is extremely interesting, especially when there are some perspectives about positive legal and financial regulations that could boost the development of new markets for cryptocurrencies and blockchain technologies.