July 24, 2024

Co-founder of Fundstrat Global Advisers told why the price of Bitcoin will rise in December

Co-founder of Fundstrat Global Advisers told why the price of Bitcoin will rise in December

Despite the fact that during the current year the first cryptocurrency grew from $4,000 to $14,000 (an increase of 360%), and afterdecreased by almost 50%, leading industry analystand the creator of Fundstrat remains positive about the first cryptocurrency. In an interview with CNBC, he spoke about the reasons why Bitcoin should enter an uptrend by the end of 2020.

While the discussion focused primarily on stocks, the CNBC host addressed the issue of the fall in the cryptocurrency market.

In turn, the cryptanalyst expressed the opinionthat current market weakness may be due to increased regulatory control and uncertainty, especially in regions such as the United States. At the same time, the fact of the lack of mass adoption of cryptocurrencies probably also contributed to the decline.

Lee noted that despite the 50% decline in the value of Bitcoin, this will not affect the long-term prospects of the first cryptocurrency.

There are many reasons to be optimistic about cryptocurrencies next year, – continued the head of Fundstrat.

He explained that the jump in prices for Americanstocks currently at record highs creates the conditions for risk-averse investors to invest in Bitcoin and other markets that may be considered “risky.” Indeed, the analyst noted that Bitcoin's best years are correlated with the S&P 500 and others, implying investors' appetite for risk.

Lee added that the halving will help Bitcoin gain new momentum.