Co-founder and head of research at Fundstrat Global Advisors, Thomas Lee[1] has admitted that his prediction[2] of a Bitcoin[3] rally after the Consensus conference was wrong. Lee has claimed that the crypto market still “faces significant internal resistance and hurdles within traditional financial institutions,” Bloomberg[4] reports May 18
Having accurately predicted[5] the growth of crypto[6] markets after the US tax[7] day in April, Tom Lee made another Bitcoin prediction on May 7, saying that the cryptocurrency will rally[8] during and after the Consensus conference takes place in New York May 14-16. “We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus,” Fundstrat’s co-founder stated back in the beginning of the month.
In a report to his clients Friday, Tom Lee explained his forecast was based on such factors as the crypto community coming together in a “centralized place,” as well as the “growth in attendance.” These factors were expected to have a positive effect on cryptocurrency prices[9] and “strengthen the crypto-community’s conviction.”
In his tweet May 18, Tom Lee confirmed the fact the crypto markets have instead lost up to 10 percent[10] during Consensus, although the conference counted 8,700 participants, which is “more than a tripling of attendance in the prior year.”
CRYPTO: #Consensus2018 rally did not happen, very disappointing. What we needed was a trifecta of progress: (i) institutional custody/tools; (ii) buy-in by banks/investment managers; (iii) regulatory clarity (3 of 3 needed), but we got progress on (i) and (ii). Full text below pic.twitter.com/XcqNhgYgK7[11][12]
— Thomas Lee (@fundstrat)
Tom Lee
