With most of the annoying Twitter bots being removed from the platform, Twitter can now be properly used again. Therefore, this week, Fundstrat managing partner and head of research, Tom Lee, took it upon himself to do a survey amongst Twitter users. The outcome might surprise you: Twitter users and Wall Street institutions don’t see eye to eye on Bitcoin and other cryptocurrencies.
According to a Fundstrat survey, Institutions believe that bitcoin has seen a bottom. Twitter users, however, think that Bitcoin has more room to fall. With that, it seems that Wall Street institutions and Twitter users are split on bitcoin. Institutions, usually the more cautious ones, are currently more optimistic when it comes to calling a Bitcoin bottom than Twitter users.
Fundstrat’s managing partner and head of research, Tom Lee polled, 25 institutions during a recent dinner and compared their responses to the answers to a Twitter poll that got 9,500 responses. The outcomes were quite interesting:
When Tom Lee asked “when do you think bitcoin will bottom?,” 44 percent of Twitter users responded that Bitcoin has already hit its low for this year, while 54 percent of institutions asked at a private dinner say the worst is over for beaten-down bitcoin prices.
Apparently, perspectives have changed. While previously retail investors were more bullish on the price of Bitcoin and cryptocurrencies than big institutions, it seems the opinions have swapped. The latest survey shows that not only are institutions more bullish on the current price level of Bitcoin, they are also more bullish how high they think bitcoin’s price can climb. From institutions, 57 percent said bitcoin would rise anywhere from $15,000 to “the moon” by the end of 2019. Twitter users were less optimistic, with 40 percent predicting that price movement.
Even if institutions are bullish in their survey responses, they have been more hesitant to publicly jump into the volatile asset class. A high-profile investment would likely boost the legitimacy of crypto assets, which attracted a flood of investors as bitcoin rose more than 1,300 percent last year.
This week, Bitcoin struggled to demonstrate recovery in its volume and momentum, as it fell below the $6,500 mark, a level which the dominant cryptocurrency managed to sustain for several weeks. Yet, this morning, the mother of all currencies saw a sudden rebound, now trading around the $6,600 mark.
Given the slight bounce of major cryptocurrencies in the past few hours, it is likely that due to market exhaustion and seller fatigue, Bitcoin and other major cryptocurrencies will record minor gains in the short-term.