Despite short-term pullbacks, Fundstrat is holding steadfast to their Bitcoin price target of $25,000 by the end of 2018.
“A month ago, bitcoin was seen as broken, about to be regulated out of existence, and bubble with downside of $3,000,” said Fundstrat Managing Director and Head of Research Tom Lee. “The trajectory of the Bitcoin’s narrative has inflected.”
Bullish sentiment has been fueled by a spate of news from institutional investor interest from firms, such as BlackRock who is looking to assemble a working group to explore opportunities in cryptocurrencies and blockchain, their underlying technology. In addition, cryptocurrency ETFs from the likes of Bitwise, VanEck and SolidX are currently pending SEC approval–a move that could help give cryptocurrencies more approval from reticent investors.
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