Has Bitcoin bottomed out? It’s the question Wall Street research firm, Funstrat Global Advisors, asked in a survey of financial institutions.
The response: 54% of institutions believe Bitcoin has bottomed out.
Representatives for 25 financial institutions took part in the survey, conducted during a private dinner hosted by Fundstrat’s Head of Research, Tom Lee.
Respondents were also asked where they see Bitcoin’s price by the end of 2018 and 2019.
The average Bitcoin price prediction for end of 2018: US$8,456
The average Bitcoin price prediction for end of 2019: US$18,162
The institutions at the dinner have not been identified.
Tom Lee asked similar questions to retail investors in a series of twitter polls:
CRYPTO POLL (1 of 6 questions):
Question 1: What do you think is the most important macro factor influencing crypto prices?
— Thomas Lee (@fundstrat) September 30, 2018
Fundstrat analysed the twitter results and compared them to the institutional survey results.
When it comes to the question of, ‘has bitcoin bottomed out?’ The research firm came to a surprising conclusion in its reported published on Thursday (4/10/18).
“The majority of institutions think BTC has bottomed, while the plurality of Twitter sees BTC bottoming in 2019,” the report stated.
“Institutions see significantly greater upside to BTC prices by YE2019, given that institutional inflows likely increase strongly in 2019.”