Given the performance of Bitcoin (BTC) since the start of 2019, especially the major gains realized in April, several analysts say BTC is set for a bullish year.
Bitcoin Winter is Over
According to Tom Lee of Fundstrat Global Advisors, the prolonged bear market of 2018 is now a thing of the past. Lee posits that there is already a significant flip in market sentiment leading to increasing investor appetite for Bitcoin.
Speaking to MarketWatch, The Fundstrat chief analyst opined:
Risk appetite is positive for bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for vol [volatility] that’s building a base case for bitcoin.
Lee, known for making BTC price forecasts believes Bitcoin will top $10,000 sometime in 2019. Earlier in April, Lee made the case for Bitcoin’s fair value amounting to about $14,000 based on the present mining cost.
As previously reported by Bitcoinist, Fundstrat analysts say fundamental market forces have shifted to the positive side. This shift effectively forms a tailwind which they expect will push the price of BTC [coin_price] higher in 2019.
Terrible Monetary Policies Will Drive Greater Bitcoin Adoption
For Naeem Aslam of Think Markets U.K., the current monetary policies adopted by central banks the world over are unsustainable. According to the market analyst:
Monetary policy has become a joke. All it did was fuel buybacks and inflate asset prices and as questions grow about how independent the Federal Reserve is and as we see it run out of options, people will turn to digital assets.
— Naeem Aslam (@NaeemAslam23) April 10, 2019
Travis Kling of Ikigai Asset Management recently espoused similar views, calling central bank policies more politicized. Thus, more people are choosing to employ Bitcoin as a hedge against the uncertainties of “irresponsible” monetary policies.
Ignorance is the Final Frontier
While several commentators agree that Bitcoin is set for a bullish 2019, there are still important issues that stifle a more broad-based adoption of cryptocurrencies.
Travis Scher, the investment chief at Digital Currency Group says a people need a lot more education to appreciate BTC and cryptocurrencies in general.
For example, a survey by the Russian Public Opinion Research Center showed that while 74 percent of Russians are familiar with BTC, only a handful truly understand how the technology works.
Commenting on the matter, Scher declared:
It’s a matter of education, realistically speaking, the average person on the street doesn’t know much about blockchain technology, but that’s no different from Internet-related stocks in the late ’90s.
Do you think Bitcoin has entered another bullish cycle? Share your thoughts with us in the comments below.
Images via Tradingview, Twitter (@NaeemAslam23), Shutterstock