Tom Lee, one of the most famous cryptocurrency analysts in the market, has once again shared his views regarding the future price action of cryptocurrencies. This time, Lee shared his 2019 Ethereum price outlook, adding that this major altcoin is capable of beating its all-time high level.
28 September 2018 – The second biggest cryptocurrency in the world by market cap, Ethereum, will see a “trend reversal and rally strongly” up to $1,900 by the end of 2019. The Head of research at Fundstrat sent out a note to clients of the company, noting that the “overly negative” sentiment on the Ethereum market will appear as the key driver for its strong rebound during the next year.
Tom Lee: Ethereum price will rally to $1900 in 2019
In his forecast, he has referred to the previous historical performance of Ethereum. Lee cited the times when the major altcoin “underperformed peers by two standard deviations.” After the negative performance, the ETH price saw a subsequent reverse in trend.
Lee further concluded that Ethereum will hit $1,900 by the end of 2019, which is a price point that is almost 40% higher than Ethereum’s all-time high of $1,349. At the moment, the price of Ethereum stands at $224.36.
After skyrocketing to above $1,300 in early 2018, Ethereum experienced a massive drop, with the current price totaling to just around 16 percent of the all-time high. In addition, Ripple has managed to overtake Ethereum’s position in terms of market cap twice this year.
Tom Lee’s 2018 Bitcoin Outlook
Back in July, Lee mentioned that he is still holding a bullish position concerning the cryptocurrency-pioneer, Bitcoin. He stated that the leading cryptocurrency could trade $22,000 and $25,000 by the end of the year. In this context, the cryptocurrency enthusiast stated that Bitcoin “could end the year explosively higher,” referring to a correlation between BTC and emerging markets.
Tom Lee has noted that the “important correlation” emerges from the fact that both markets are developing somewhat parallel to each other. In addition, both of them have “really essentially peaked” in early 2018, as well as “both [having been] in a downward trend” from then on.
The Head of Research at Fundstrat Global Advisors has added that he “still think[s] it’s possible” that the price of Bitcoin could hit as high as $25,000 this year. He noted that he based his forecast on the relationship between the price of Bitcoin and BlackRock’s iShares MSCO Emerging Markets exchange-traded fund (ETF). The latter tracks large and mid-sized companies in emerging markets.
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