368
155 shares, 368 points

Fundstrat, a Wall Street firm, isn’t intimidated by Bitcoin’s 33% drop from its record high. The firm maintains its faith in both Bitcoin and Ethereum and predicts that the leading crypto and altcoin will reach record highs before the end of the year. Here, it becomes important for investors what Fundstrat bases these estimates on. we too Cryptocoin. com

As , we have compiled Fundstrat’s evaluations on Bitcoin and Ethereum investments and the basis of their predictions for you.

Fundstrat’s BTC and Ethereum t what are their predictions based on?

In a note Wednesday, Fundstrat says potential catalysts are imminent that could help kickstart a surge in the crypto space as long-term investors continue to wait for a lifetime. Among these catalysts, historically October has been a favorable month for crypto, the likelihood of a Bitcoin ETF being approved by the SEC, and Ethereum (ETH)’s highly anticipated network upgrades.

For a calculation, Bitcoin and Ethereum need to perform 50% and 46% to reach their ATH of around $65,000 and $4,380 respectively. Earlier this year, Tom Lee hinted at a price target of $100,000 for the leading cryptocurrency. Fundstrat also thinks that if they act from this prediction, BTC can rise even more. Pointing to the appropriate historical data for Bitcoin gains in October, Fundstrat uses the motto:

Bears begin to hibernate in the fall.

What does October historical data say for Bitcoin?

Looking at Bitcoin’s historical data as of October, it has been yielding an average of 32% returns 60% of the time since 2011. This compares to a weak September with an average return of 15% and negative returns 70% of the time.

Historically since 2011, Bitcoin has shown positive returns 60% of the time, with an average return of 32% in October. This compares to a weak September with negative returns 70% of the time and an average return of 15%. Based on these data, Fundstrat makes the following assessment:

The blue-chip crypto-asset did pretty well in October, following lousy September performances that are often filled with meteoric rebounds.

Source: Glassnode, Fundstrat

SEC warm to the idea of ​​Bitcoin ETF?

Meanwhile, Fundstrat has stated that SEC Chairman Gary Gensler is open to the idea of ​​a Bitcoin ETF that will invest in futures contracts and be registered under the Investment Company Act of 1940. On the other hand, a Bitcoin mutual fund investing in futures contracts was only able to raise $15. Fundstrat says this is not what has brought the asset millions since its launch:

As long as the Bitcoin spot market is supported by enhanced sentiment, the flow of capital into these futures-based ETFs is probably not significant.

What developments are next for Ethereum?

The final catalyst is that Ethereum (ETH) will transition to a Proof of Stake (PoS) model. With another highly anticipated network upgrade for Ethereum approaching, this one too could garner increased interest among investors. On the subject, Fundstrat’s assessment is as follows:

We expect positive sentiment surrounding this milestone, which could lead to increased speculative buying. We are adamant that any short-term sell is an opportunity to increase one’s position, as we expect a risky environment by the end of the year for a jump to all-time highs for both Bitcoin and Ethereum.


Like it? Share with your friends!

368
155 shares, 368 points

What's Your Reaction?

hate hate
368
hate
confused confused
1104
confused
fail fail
736
fail
fun fun
613
fun
geeky geeky
490
geeky
love love
122
love
lol lol
245
lol
omg omg
1104
omg
win win
736
win
Michael Lewis

Emperor

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format