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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Bitcoin Price Prediction - Fundstrat’s Tom Lee Voices Bullish 2019 Prediction After Recent Bitcoin (BTC) Price Surge

  • Alex Morris
    📰 News

    Bitcoin Investment Trust (GBTC) is trading at 36 percent premium as Bitcoin is prepping to test $4,000

Fundstrat’s Tom Lee Voices Bullish 2019 Prediction After Recent Bitcoin (BTC) Price Surge
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According to Tom Lee, the CEO of Fundstrat, the recent Bitcoin (BTC) price spike made the Bitcoin Investment Trust (GBTC) premium rise to 36 percent. It means that more institutional net buyers are interested in Bitcoin, and it’s yet another reason why 2019 is shaping up to be ‘way better’ for cryptocurrencies than the painful 2018.

The correlation between BTC and GBTC

GBTC, which is offered by Grayscale Investment, appeared the OTC market back in 2015 as the first publicly traded Bitcoin instrument. It gave investors an opportunity to trade Bitcoin on the stock market. Historically, GBTC served as a contrarian indicator for Bitcoin — GBTC inching closer to losing its premium could usually mean that there was another bull run in the offing.  

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On top of that, the GBTC premium has a very mercurial nature as the graph below shows (it would go from zero to 142 percent).
Fundstrat’s Tom Lee Voices Bullish 2019 Prediction After Recent Bitcoin (BTC) Price Surge

Is Lee getting it right this time?

In 2019, Lee’s year-end prediction for Bitcoin was $25,000, but the bull run never happened. Eventually, the Bitcoin uberbull quit making predictions, but it seems like he’s at it again. This time, however, Bitcoin has a much better chance given that a slew of institutional investors are finally taking baby steps towards embracing crypto.

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