As you all know, the cryptomarket fell harder than ever in 2018 during this past week.
Bitcoin was enjoying a time of stability for a few months and now it experienced the hardest fall since 2017. At the time of writing, BTC is priced at $4,312.86 on CoinMarketCap.
Tom Lee is still optimistic
Anyway, it looks like with all this crypto tragedy happening around, Tom Lee somehow manages to remain optimistic. During a recent interview with CNBC’s Squawk Box, Lee said the following:
“Days like this, it does make me wonder about my prediction. This past few days has definitely been a negative development.”
Last week, Lee cut his end of the year price target from $25,000 to $15,000.
But despite the price modification, he still remains bullish that Bitcoin will definitely hit around $15,000 by the end of 2018.
During his latest interview with CNBC which we mentioned above, he said that the increased involvement and interest shown by the institutional investors and regulatory oversight could eventually boost prices a lot.
On the other hand, given the value that Bitcoin has at the moment, if the institutional investment becomes a game-changer in the crypto market, this should definitely happen sooner.
At the moment, the crypto market is down and most coins are trading in the red.
This is really sad compared to how things were this time last year. Back then, retail investors and increased funding in various ICOs have been boosting the market.
Since 2017, the industry has witnessed a complete shift, but on the other hand, it still managed to reach a point that marks a certain level of maturity.
John McAfee tells people to relax
Earlier this week, McAfee posted on Twitter, telling people to relax during this bear run. During his tweet, he said, among other things, “bear markets are like winter. It’s always followed by a glorious spring.”
We’ll have to see whether he’s right or not. Meanwhile, here’s a potentially useful tweet from a user.