Category Archives: Fundstrat Global Advisors

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Tyler Winklevoss Talks Up Bitcoin but Could Libra and Gemini Make a Match?

Munich Researchers Call for Higher Renewables Impact on Bitcoin Mining Copy

Gemini big gun Tyler Winklevoss claims that Bitcoin is fast en route to its next level of USD 15,000 after it hits USD 10,000.

With Bitcoin currently valued at USD 9,713 at time of writing, it looks like the first of these major levels is fast approaching. The other half of the Winklevoss entrepreneurial duo also sees the hallmark digital currency surpassing its all-time high, commenting, “If Bitcoin breaks 10k, you can bet it’s going to break 15k.”

Others agree with the Gemini boss that Bitcoin is still undervalued on the market with Fundstrat Global Advisors senior analyst Tom Lee unsurprisingly bigging up the number one coin, claiming that USD 40,00o by 2020 was not an unrealistic proposition, due to a renewed round of FOMO activity by investors.

Winklevoss didn’t go quite that far but commented, “It’s a cheap asset until it disrupts gold, however, the 2nd time breaking 10k will make it feel more ‘real’ to many people.” He made no mention of the impact that Facebook’s proposed entry to the market may be having on Bitcoin’s current surge, but elsewhere analysts are taking the view that crypto could ride on Facebook’s Libra publicity, at least for a while.

Facebook has been in talks with Winklevoss Twins, according to the Financial Times, which is interesting in itself given that they have been well-known rivals of Facebook’s CEO Mark Zuckerberg and were even involved in a lawsuit against him accusing him of stealing their idea for Facebook itself. Another interesting thought for astronomy lovers if Facebook and Gemini make a match:

“Gemini and Libra are a strange couple, both of them intellectual, floating high above the ground, but different in so many ways. They need to accept each other’s nature completely and be open to each other’s differences if they want to be happy together.”

 

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Fundstrat Analysts Sustain Bullish Outlook on Crypto

Fundstrat Analysts Sustain Bullish Outlook on Crypto

A technical analyst from market strategy and research firm Fundstrat Global Advisors has inferred from studying the relative strength index of the cryptocurrency market that the market is open for fresh gains, and has advised investors to buy, according to reports from Bloomberg.

In the recent months of uncertainty ridden by speculations and hopes for better market performance after a gradual reversal from a year-long winter period, investors may have been cautious as to engage fully with the market, especially considering the recent performance which saw a sudden spike in the price of Bitcoin without warning.

A recent report from Fundstrat highlights upward movements in the relative strength index of the market from neutral levels which may be an indication that the dip is over. Fundstrat technical strategist Rob Sluymer had till the moment of his notes to investors, reportedly advised them to be patient with the supposedly bullish trends referencing the surge that occurred in May when the price of Bitcoin sent the crypto market to new 2018 highs and approached a 10-months’ high since 2018 bearish trends. However, Sluymer seems confident this is the right time to buy Bitcoin, suggesting:

“Another upside attempt appears to be developing for most cryptocurrencies. We expect Bitcoin to stage another rally from current levels toward next resistance between USD 8,800 – USD 9,000.”

Sluymer had earlier in May advised investors to take advantage of the pending pullbacks to accumulate as the winter comes to a close, preparing the minds of investors for astronomical gains in the second half of the year. Moreover, Fundstrat co-founder Tom Lee had recently speculated Bitcoin’s trip to USD 10,000 will be an important indicator to further highs – as much as USD 40,000; in about five months’ time. As at press time, Bitcoin currently trades at USD 8,199.

 

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Fundstrat Analysis Indicates Mining May Push Bitcoin to $36K by 2019

Tom Lee, co-founder of Fundstrat Global Advisors research institute, revealed on Thursday via Twitter new data provided by the group that predicts the price of Bitcoin will reach USD 36,000 by the end of 2019. The anticipated price inflation has been attributed to Bitcoin mining.

Fundstrat’s Quantamental Strategist Sam Doctor provided a breakdown of the correlation between the costs of Bitcoin mining, and the price of the cryptocurrency itself. The conclusive results from the study indicate that Bitcoin’s value will progress to somewhere between USD 20,000 and USD 64,000 by the end of 2019.

CRYPTO: Our quant/data scientist @fundstratQuant publishing #bitcoin mining white paper. Crypto mining economics lead/explain $BTC price—suggests $39,000 per bitcoin by YE19. key takeaways below… pic.twitter.com/f5ZQ4py3jS

— Thomas Lee (@fundstrat) May 10, 2018

Doctor’s calculations are predominantly focused on Bitcoin Price to Mining Breakeven Cost Metric, or P/BE, which is described in the executive summary posted by Lee above, as having a ”proven and reliable long-term support level”.’

Part of Doctor’s analysis focuses on the increasing energy efficiency of the mining network, and an escalation of large-scale operations over individual setups. The summary notes that in order stay competitive, it is becoming necessary for individual miners to join mining ”pools”, with the aggregate mining economy expected to grow.

However, it is possible that a material shift in the predicted route of hash power could alter the P/BE support level of Bitcoin’s value. This is noted as the main risks to Fundstrat’s thesis.

The trajectory outlined in the summary above falls in line will Lee’s personal prediction of Bitcoin’s year-end target reaching USD 25,000. Earlier this week, he elaborated on this by anticipating a Bitcoin price rise concurrent with the blockchain and digital currency Consensus Conference in Manhattan that begins Monday.

Last month the 17 millionth Bitcoin was mined, meaning there is less than 20% left to uncover. Bitcoin’s scarcity is a valuable asset in increasing the value of the cryptocurrency. With 21 million Bitcoins in total, the exact year suggested for the final to be mined is 2140.

 

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