The New York-based equity research outfit Fundstrat Global Advisors has recently published its 2019 cryptocurrency outlook. Moreover, cryptocurrency supporters suffering from bear market fatigue will be pleased to hear that the report describes several improvements that could support higher prices.Fundstrat expects 2019 to bring higher cryptocurrency prices
Specifically, the study was published on February 8th. Furthermore, Fundstrat’s co-founder Tom Lee – who is notoriously pro-cryptocurrency – commented on the report through the use of his personal Twitter account.
”We see 9 incremental improvements in the landscape that ultimately support higher prices,” Lee noted in his tweet. Nevertheless, the report starts off with a summary of 2018, which Fundstrat notes brought several market disappointments.
To name a few, the summary argues that regulatory uncertainty and setbacks, along with the abrupt end to the initial coin offering (ICO) hype, as well as overly energetic growth have offset some of the advances within the cryptocurrency sector.
Some of these achievements include cryptocurrency wallet growth, as well as the launch of the Lightning Network. The report argues that the adverse effects, however, undid most of the positive achievements in 2018 – comparing the year to ”morning after sobering”.
Even so, Fundstrat believes that 2019 might be the year when things start to change. Although the company notes that it is too early to begin predicting mass adoption, Fundstrat is nonetheless guiding that cryptocurrency prices will recover this year.”Is 2019 the mainstream breakout? Nope. But that is not necessary for crypto prices to eventually bottom in 2019, and by the end of 2019, we expect prices to be staging a visible recovery.” Weakened US dollar important driver for higher cryptocurrency prices
Moreover, the outlook also lists several reasons for the recovery of Bitcoin prices this year. S...