Investing.com - Four out of five institutional investors believe bitcoin bottomed in April, according to a survey conducted by Wall Street crypto bull Tom Lee of Fundstrat Research.
About half expect bitcoin to trade in the $10,000-$20,000 range this year, while 6% see the digital currency passing the $30,000 level. None believe bitcoin will end the year below $8,000, which is close to its recent low of $6,600.
In a note to clients, Lee said he sees the survey results as a leading indicator of big inflows into cryptocurrencies.
While those surveyed were optimistic about bitcoin's rebound, they were pessimistic about the regulatory environment.
Less than half thought the Securities and Exchange Commission would clarify its position on how digital coins qualify as securities this year.
Lee has a $25,000 year-end, price target for bitcoin.