Wall Street’s Thomas J. Lee of Fundstrat Global Advisors says the bear market for cryptocurrency is essentially over. A few of the lesser known altcoins may remain slow moving for a while but the best coin for investors at the moment is Bitcoin.
In a note to clients, Fundstrat said on Tuesday March 20th that the end of the bear market was in sight.
"After a 75% decline in Altcoins since 1/13/18, our altcoin indicator (% of alt-coins rising >200% in past 90D, or 3X) now sits at 3%, suggesting the bulk of the altcoin retracement is done. In other words, we believe the alt-coin bear market is largely over."
Nevertheless, while the bulk of the decline nears its end, a bullish market for all altcoins may not happen immediately. After every bear cycle to date, altcoins have historically grown slower than Bitcoin as investors remain cautious during the market recovery until confidence levels drive it up. Fundstrat says this purgatory can last between 150-175 days.
Lee says we could see Bitcoin reaching as high as $20,000.00 USD by mid-2017 and $25,000 by the end of the year.
Thomas J. Lee CFA, is an institutional investor and Wall Street strategist with over 25 years of experience in equity research and has been top ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he worked as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and prior to J.P Morgan he was the Managing Director at Salomon Smith Barney.