3 reasons the crypto markets are in a dive and Tom Lee is moving the goal post

[bbc.reporter]

This will hurt the bulls who are expecting that Tom Lee's prediction of $25,000 by the end of 2018 will still occur, because he has moved the goal post to the end of 2019 hehehe.

In any case, this is sad news.



“I think there are several factors why cryptos are falling. One, we had a parabolic move at the end of last year, so there is a period of consolidation and price adjustment that is taking place.”

“I also think bigger factors this year have been a lot of government actions that have been taken this year that have scared crypto investors, probably the most notable is the actions taken by the US regulators, like the SEC taking action against ICOs.”

“Lastly, the pace of institutional investor participation in this space has been taking longer than expected, and I think part of that has to do with the slowness of getting some of the onramps established.”

Tom Lee remains bullish about Bitcoin and thinks the cryptocurrency will be worth between $20,000 to $64,000 by the end of 2019.

Read the whole article https://www.whatech.com/cryptocurrency/news/479523-bitcoin-3-reasons-the-crypto-markets-are-in-a-dive-tom-lee

[olumyd]

I quite agree with his logic, cryptocurrency is facing tremendous pressure from both the unwillingness of mainstream traditional investors and financial security agencies, which have slowed down the morale at which the parabole (as described by 2017's December price shoot) was intended to change the scope of investment - it did alright, but not in the direction we all expected.

[pooya87]

In any case, this is sad news.

nah, there is nothing sad about that. we knew that the bull market was over when the price reversed from the ATH at $20k and started the correction. and by the time the dumping began to push the price below the real and strong support at $10k we knew that the forced bear market is here to stay and every day that the push became harder we became more sure of it. and that has been 5 months ago! even of the rally began today it would take at least another 6 months to reach the previous ATH let alone set a new one.

[randythered]

I'd consider his revision as good news instead of bad news. It means we will have less people coming in with most probably false expectations. While I can't say for certain what will happen I have to agree with Pooya that any recovery would take at least 6 months. More likely 1 or more years. For that reason his prediction of 2019 is much more likely.

[vit05]

64000 more them 1 trillion market cap. I think we will hit 1 trillion market cap on total cryptocurrencies when Bitcoin hit 20k again. Probably some big projects will fail Big, but still, I do not see Bitcoin with more them 50% in the next bull run.

[Tankdestroyer]

Tom Lee remains bullish about Bitcoin and thinks the cryptocurrency will be worth between $20,000 to $64,000 by the end of 2019.

I think he is right but IMO it is too early for bitcoin to reach the speculated price by the end of 2019. It might take a longer time than that(maybe by the end of 2020 or on 2021).

the parabole (as described by 2017's December price shoot) was intended to change the scope of investment - it did alright, but not in the direction we all expected.

At least that parabole caught the attention of many people, bringing bitcoin closer to mainstream adoption. Because of the 2017 price shoot, some countries legalized the use of Bitcoin and for this reason, I think it still changed the scope of investment in the direction we all expected.

[1Referee]

It's just the same bla bla as always. Nothing changes the fact that they don't know more than we do regarding what's going on. Common sense does the job.

Governments aren't pushing that hard when it comes to regulating this market, and what has the SEC done to ICO's that it scares off investors? Investors aren't really investors but just gamblers not caring about anything. Regulations can't stop them from buying the next potential Ethereum.

Regarding institutions, how can we expect them to instantly pull out their big guns? If they enter, it will first happen through financial instruments which we are lacking currently. Futures are okay but they don't offer long term exposure and it's more gambling. I'm fairly sure that an ETF backed with the underlying asset will be the first major sign that institutions are entering.

The most important factor for institutions is regulative clarity and custody. Both are lacking and both need to be worked on.

[dothebeats]

This is just another typical bullish dude who later realizes that such goals are clearly unattainable right now due to the present market conditions and moves his predictions to a more unsure date. Let's face it, no matter how hard we want the market to go crazy again, it isn't gonna happen. As he stated, there was a parabolic move that took crypto to uncharted heights, and afterwards, a blow-off happened that left us with the current prices which still is unstable. Also, I wouldn't blame regulations for adding fire to the flame. If anything it increases consumer's confidence on the asset knowing that they are somehow protected by their 'constitutional rights' upon buying the coin. It's just the market adjusting and consolidating, at least on the way I see it.

[Kronos21]

I have heard many reviews in the past year that everyone believes in bitcoin and will keep their coins for a long time. What happened? It's only been six months and a lot of people have gone into panic. This is a signal to me that there are many random people in the bitcoin community who are focused on making quick profits. I do not see anything terrible and still think that bitcoin is the best that I have.

[ranman09]

Government regulations really affects adoption. I also minimizes my usage of bitcoin personally because I don't know if in the near future my favorite exchange files me taxes I can't afford to pay.

[el kaka22]

I quite agree with his logic, cryptocurrency is facing tremendous pressure from both the unwillingness of mainstream traditional investors and financial security agencies, which have slowed down the morale at which the parabole (as described by 2017's December price shoot) was intended to change the scope of investment - it did alright, but not in the direction we all expected.

Really huge pressure and I simply do not expect the institutional investors to get into action at this point in time, when there is absolutely the chance of the market going way lower than this and with that, it is obvious that we may have to keep experiencing the outcome of the rapid increase of last year.

I still believe they are lurking around the corner anyway and this will even give time for development and maybe the next movement when the institutions are in the market, and bitcoin gets set for mainstream adoption, we may then see a real demand for it.

[Kingofbitcoin12345]

The pressure does bounce on him for predicting numbers and dates on a market that is totally unpredictable.. I will always look for a positive attitude,, but only with Satoshi’s that I make a gamble for any statement comes from him.. Not from any other person who were maybe popular in cryptocurrency,, but not a fortune teller..

A one year move isn’t a good signs,, that’s 300+++ more days of speculative opinion from him..

I’m positive that increases happens in those years,, I do.. I’m not just good about numbers game..

[nydiacaskey01]

Tom Lee remains bullish about Bitcoin and thinks the cryptocurrency will be worth between $20,000 to $64,000 by the end of 2019.

Thanks for sharing and I don't think its a sad news but for me it is a good news to add to list of good news for Bitcoin. His forecast about the price of Bitcoin is even higher to those who speculated on how much Bitcoin will be worth by end of 2018 and 2019. I see it a positive news that might give a good signal to those who still have doubts with Cryptocurrency.

[gentlemand]

May I just convey my utter devastation that a random prediction plucked from the anus of some person who lives in the world has been changed by the very same some person after that person delved into his anus once more.

My world has been fookin' shattered into a trillion pieces. Can I go on? I just don't see it happening. My personal bet is a return above the ATH in 2020.


And OP, you constantly claim to be neutral yet add 'hee hee' to every single bit of doom you post. This makes me somewhat less convinced but it's so desperately hard to put my finger on why.  

[fabiorem]

I dont see anything sad here. He just lost his credibility, like McAfee already has.

[The Sceptical Chymist]

“I think there are several factors why cryptos are falling. One, we had a parabolic move at the end of last year, so there is a period of consolidation and price adjustment that is taking place.”

I hate quotes like the above, since that kind of writing uses big, fancy words that don't mean a hell of a lot and IMO are just used to stop people from thinking about it any further.  You see crap like this in financial journalism all the time when people get asked about things like price declines--and you see it in earnings announcements every quarter.  The language is designed to confuse and obfuscate.

I didn't know this guy had a prediction of $25,000 by the end of 2018.  His explanation ought to be "Well, we just didn't get there".  End of story.  You can't blame anything but the fact that people stopped buying bitcoin like bubbletards in 2018.  Maybe next year.

[olumyd]

I quite agree with his logic, cryptocurrency is facing tremendous pressure from both the unwillingness of mainstream traditional investors and financial security agencies, which have slowed down the morale at which the parabole (as described by 2017's December price shoot) was intended to change the scope of investment - it did alright, but not in the direction we all expected.

Really huge pressure and I simply do not expect the institutional investors to get into action at this point in time, when there is absolutely the chance of the market going way lower than this and with that, it is obvious that we may have to keep experiencing the outcome of the rapid increase of last year.

I still believe they are lurking around the corner anyway and this will even give time for development and maybe the next movement when the institutions are in the market, and bitcoin gets set for mainstream adoption, we may then see a real demand for it.

The real problem we face which is more daunting than the course of the market itself is the fact that we forget too soon that the market has always been immature and has been given side-by-side stance with the traditional capital market and still we expect the stability of the market when there is so much uncertainty about the legibility of most crypto products. Unlike the rigorous processes experienced by the traditional markets and the products they represent which has a more solid-trust foundation - something grossly lacking in the cryptocurrency sphere.

We claim blockchain and decentralisation creates a trustless environment, indeed a system without trust has gotten us this mess. Not that I'm advocating for centralisation of DLTs but the fact of the matter is that crypto with its quirks still needs an ample amount of time to mature to its full height before we can begin to see a fair share of stability.

[timerland]

I mean, this is why you don't make your investment decisions based on what others say, even if they seem to be a knowledgeable public figure. While I do think that bitcoin is going to increase further in the long run, I don't agree with many of the things that these people like Tom Lee and John McAfee say.

Him shifting the goalpost is definitely just further proof for that.

But anyways, $25k by the end of 2018 was absurd from the start. There is virtually no momentum upwards and a strong resistance at $10k, with strong bearish sentiments within the market. Prices probably haven't even bottomed out yet. I doubt that an ATH would even be likely by 2019, which is his new prediction, so take his predictions with a huge grain of salt. But, at least it's not as absurd as McAfee.

[BitHodler]

While I do think that bitcoin is going to increase further in the long run, I don't agree with many of the things that these people like Tom Lee and John McAfee say.

All these barking dogs are a plague and don't do anything other than trying to be right for their own benefit. McAfee blatantly denied that he made a $78,000 prediction to happen this year.

He claimed it wasn't him but someone else while there are videos on YouTube providing evidence that it was actually him. No one gives a shit and he will continue doing what he's good at, which is being a clown.

McAfee is really the type of person that at some point can become the next Roger Ver. It all depends on what will make him the most money. Now it's Bitcoin, but I think he's a ticking time bomb.

[kofibee12]

This is the best explanation of cryptocurrency fall since this year. The government and financial authorities are the major factor why cryptocurrency investment are crown upon by institutional investors