Thomas Lee on how millennials probably will make the cryptocurrency market
Image: Millennials are such a big segment of the market that now with them entering their best earning years Thomas Lee is bullish even on the housing market. Rain image via pexels.
Thomas Lee of Fundstrat had an interesting presentation at Upfront Summit 2018 that was published via Upfront Ventures’ Youtube channel couple of days ago. If you are not familiar with the name, he was lead equity researcher for JP Morgan before founding Fundstrat.
In his Upfront Summit presentation he takes a market approach to valuing Bitcoin and other cryptocurrencies. Cryptocurrencies are presented as an asset that is mostly dismissed by legacy people but very much admired by the generation of millennials. Since millennials as a group are so clearly focused on cryptocurrencies and since there is so many of them, they should be able to move the markets just as previous generations did with stock markets, gold markets or with housing - at least the bigger of them.
Trust, millenials and Wall street
Thomas Lee has been active in the cryptocurrency space for some time and is bullish on BTC and ETH in 2018, according to a report at CNBC in January 2018. Specifically he said 9-10k USD should be the lower end of the Bitcoin’s trading range for this year, and that he would be an aggressive buyer at those levels. He predicts ETH at 1900 USD in 2018. Interestingly he also added strategic rotation between cryptocurrencies should be a good trading strategy for this year.
This kind of ranging market where value flows between different cryptocurrencies is interesting for traders, unlike at the end of 2017 when everything just went up. 2018 is looking like this kind of chop so far indeed, with panic sometimes painting the same chart all over but otherwise diverse trading for BTC, LTC, ETH, XRP and XMR fiat pairs. It should pay off to follow some cryptocurrency correlation data: sifrdata has long term correlations over 90-365 days, cointrading.ninja has as low timespan as 7 days.
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Written by KarlVonBahnhof
KarlVonBahnhof also on Reddit, Chris belongs to the crypto trader class of 2013. Located in the Americas most of the time, you're most likely to meet at r/BitcoinMarkets though.
Opinions are author's own.