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Tom Lee Still Sticks to his $15,000 Year End BTC Prediction Even Such Market Crash

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In spite of the recent fall of bitcoin below $5000, major Wall Street strategist Tom Lee has established his belief in the recovery of Bitcoin.
Reducing his $25000 claim to $15000 last week, Lee has stood by his year-end prediction for the currency at $15000 in an interview with CNBC's Squawk Box on Tuesday, November 20.

While reemphasizing his forecast, he claimed that the recent lows had definitely been a "negative development". The head of research at Fundstrat Global Advisors categorized crypto players into two types- the one who is "using it and have wallets in crypto" and those who are looking to speculate. These two types must "sort of interact with each other" to avoid getting "burned" in the crashes of the crypto market.

Reducing his $25000 claim to $15000 last week, Lee has stood by his year-end prediction for the currency at $15000 in an interview with CNBC's Squawk Box on Tuesday, November 20.

He further strengthened his prediction by stating that since institutions are not getting hurt by this downturn in the market, the new wave of adoption will be spurred by an institutional push; just like the last one was driven by retail investors. For this to happen, regulation will need to come in place and two factors might lower the barriers in a short span of time.

Firstly, Bakkt, the platform for attracting institutional interest in the Cryptocurrency market, will launch on January 24, 2019, as announced in August this year. Bakkt is operated by InterContinental Exchange (ICE) which is the owner of the New York Stock Exchange (NYSE).
Secondly, institutions will get more involved in the market as the Industry receives more clarity, which is partly "underway now", he added. In Lee's words, "Once we have that(regulatory clarity), I think, institutions will feel more comfortable in making bets".

Firstly, Bakkt, the platform for attracting institutional interest in the Cryptocurrency market, will launch on January 24, 2019, as announced in August this year. Bakkt is operated by InterContinental Exchange (ICE) which is the owner of the New York Stock Exchange (NYSE).

On the other hand, another crypto bull, Mike Novogratz changed his Bitcoin prediction, stating that it will not break $9000 this year. According to him, the current price pressure on the cryptocurrency is because the industry has been forced to sell huge amounts of it to "fund the burn rate of the Industry".
Also, Netherlands based "Big-Four" auditor KPMG supported Lee's claim that the industry needs institutional investors to "realize it's full potential". The recent collapse of the markets is due to "taking money off the table" by institutions driven by the Bitcoin Cash (BCH) hard fork, claimed CoinShares CSO Meltem Demirors.

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