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Fundstrat’s survey of crypto investors reveals interesting results about Bitcoin [BTC]

Anirudh VK



Fundstrat's survey of crypto investors reveals interesting results about Bitcoin [BTC]
Source: The Blue Diamond Gallery

Thomas Lee, Co-Founder of Fundstrat Global, released the results of a survey of institutional investors yesterday.

Fundstrats' survey

Fundstrats’ survey

The results, which were released through Twitter, showed that a majority of investors believe that Bitcoin has bottomed, with 82% responding positively. The results were interpreted as “a leading indicator for inflows of big money into Crypto.” by Lee. 65% of investors also believed that cryptocurrencies would increase if there was a recession.

53% of survey respondents believed that the value of BTC would go to the range of $10000-$20000 by the end of 2018, with 41% believing that it would rise to $20000-$30000 in the same time frame. 6% of respondents believe that it would rise to $30000+.

After Gary Gensler’s recent talks on declaring top cryptos Ethereum and Ripple as non-compliant securities under US security laws, the crypto community is uncertain on their fate. The survey question about the status of these cryptocurrencies as securities as determined by the SEC reflects this public sentiment.

24% believed that they will reach a conclusion by the end of summer this year, 29% believed that it will occur by this fall, while 48% believed that a concrete conclusion would not be reached by the end of this year.

However, a majority of respondents believe that Ethereum will not be declared a security, with 67 responding negatively.

The question on use case scenarios for tokens yielded interesting results. 29% each interested in using them for utility and securitization, and 21% each interested in using them as a store for value and as digital currencies.

Finally, respondents were asked whether they believed that John Mcafee would win his own bet. The bet in question-related to Bitcoin reaching a value of $1 million by the end of 2020. Surprisingly, 40% of respondents were just as bullish as he is, responding positively.

Twitterati responded, with username AG070 says:

Surprised to see 40% as bullish as Mcafee !!

Twitter user, Tall Spirit said:

It’s great hearing institutional sentiment has shifted. Goldcoin is on Bittrex and well-positioned to capture the attention of these raging bulls. $GLD

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market




Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.

In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.

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