Tom Lee, Global Advisors (BTC) analyst, said he was "pleasantly surprised" by BTC's recent stability in an interview with Squawk Box CNBC on October 29.
Lee expressed surprise in the recent behavior of Bitcoin, given the recent decline of 9% in the capital markets. Lee said he expects "bitcoin volatility will be much greater," based on "bitcoin's small size regarding market capitalization."
Asked whether the current period of stability is a "good starting point" for those wishing to enter cryptocurrency, Lee replied in the affirmative: "Bitcoin seems to find its $ 6,000.
As for the sustainable growth of BTC prices, Lee said that Bitcoin needed more flow, which says it is tangible proof of its adoption. It will begin by the end of this year or early next year, with the launch of new platforms and offerings of Bakk and Fidelity, Lee writes.
Another factor that could affect BTC's price growth is currency, says Lee, since BTC is denominated in US dollars. "Therefore, the dollar was an unfavorable factor for Bitcoin, but if the dollar begins to weaken, bitcoin will be a tail," Lee said.
Cryptocurrency markets have stagnated over the past two weeks, and some of the largest cryptocurrency have risen. October 18, Bitcoin data showed a steady decline in volatility of BTC, calculated as the average standard deviation of all market transactions in 2018. The second explanation for price stability may be small amounts of BTC transactions.
On the cryptocurrency markets, there was slight volatility on October 29, when all significant cryptos were in red. At the time of printing, BTC trading at $ 6,314, which is 0.41% daily and $ 2.62 from last week, according to CoinMarketCap.
Earlier, Lee said Bitcoin could "end a year," citing the correlation between the latter and emerging markets. The "significant correlation" according to Lee is the fact that the two markets are somewhat parallel to each other, both having a "real peak" at the beginning of 2018 and that they are both "trended down" from now on.
Based on the results of last year's 25-state Fund research and 9,500 responses to public scrutiny on Twitter, Lee concluded that Wall Street is progressing under the BTC flag. Significantly, 57% of respondents said the BTC would cost $ 15,000 to the "Moon" by the end of 2019.