Bitcoin’s price has been fluctuating throughout this summer, getting fixed at around $6,700-$7,000 at the end of August. The coin might be showing some positive traits but the results are still too far from the “big daddy’s” early surges. Right now bitcoin is around $12,000-$13,000 cheaper than in mid-December 2017.
Experts have been predicting bitcoin’s growth by the end of 2018, but still, no one exactly knows when the ‘crisis’ will end. However, Fundstrat’s Tom Lee advises, we might all look at the emerging markets and get a hint of the increase.
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In an interview with CNBC, Mister Lee, known as an inveterate bitcoin-bull, underscored there is a crucial promising correlation between such markets and the most known cyber asset.
A Slippery Slope?
Speaking about the correlation, Lee emphasized that both bitcoin and emerging markets early this year have seen an increase and have been sloping down too. Therefore, Fundstrat’s head of research believes we need to look at the emerging markets – when they start recovering or showing any risks, that will be meaningful for bitcoin too.
According to his words, hedge funds aren’t purchasing risks when there is a sell-off on emerging markets. But neither are they buying BTC units. Interestingly, this year iShares MSCI Emerging Markets Index ETF has gone down by 8%, bitcoin, in the meantime, lost 65% of its value since last year December.
Despite this, Lee still asserts it is probable bitcoin “explosively” goes up to $25,000 before 2019 starts. To support his own words, the bull, who owns bitcoin, said there were trends changing from the downward to upward ones. Both emerging markets and bitcoin, as per his predictions, might benefit once the dollar becomes less strong and the Federal Reserve decreases its interest rate hike policy.
