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On Friday (February 8th), Thomas Lee, a Managing Partner and head of research at independent research boutique Fundstrat Global Advisors, delivered his firm's outlook on the crypto market in 2019.
A day earlier, Bloomberg had reported on a research note by Robert Sluymer, a Managing Director and Technical Strategist at Fundstrat. In this note, Sluymer had written:
Unfortunately, this got misreported in some news outlets, which upset Lee, who sent out a tweet to criticize this type of "fake news," and then to clarify his firm's outlook on cryptocurrencies in 2019, on Friday, he sent out a couple of more tweets, which referred to a research report that his firm had published earlier that day:
The key takeaway from this tweet is that Fundstrat believes that "many of the headwinds of 2018 are turning into tailwinds", with a significant recovery rally in the crypto market expected to take place before the end of the year.
Also, on Friday, Lee, who has a reputation as a "permabull", gave an interview to CNBC, and was naturally asked about his latest forecast on Bitcoin. Here is how he answered this question:
One of the hosts didn't want to let Lee got off the hook so easily, and asked him how he could be confident about setting a price target on Bitcoin given that he had been wrong in his price forecast for Bitcoin last year. Lee replied:
"Yes, well, crypto is tough because it's not price-to-book; it's based on network value. So, we're declining to establish a price target... the fair value... is a lot higher than where it is right now."