A Wall Street analyst is convinced that the first Bitcoin BTC cryptocurrency still has a chance to renew its historical maximum value in the coming months.
Bitcoin will significantly rise in price by the end of 2019, according to Tom Lee, co-founder of Wall Street Fundstrat Global Advisors. He claims that in the near future, the cost of the first cryptocurrency can update the historical maximum, which was set at $ 20,000 in 2017.
“Keeping 1-2% of your capital in Bitcoin for risk hedging is a smart bet,” Lee said.
He added that the first cryptocurrency does not correlate with the stock market and recalled the growth of the asset from $ 3,000 to $ 13,000 this year. According to the analyst, Bitcoin is a protective asset in times of instability.
Not all adhere to this opinion. For example, analyst Larry Chermak believes that it is too early to call a coin “safe haven”. He explained his position by the fact that during the financial instability in China. When the yuan experienced a fall to an 11-year low, the Bitcoin price in that country remained 2% below the market average.
BMO Capital Markets investment bank strategist Brian Belsky is also confident. That the first cryptocurrency proved extremely volatile. Therefore, at the moment it is premature to call it a protective asset.