Fundstrat Strategist Says Technical Analysis Points To Another Bitcoin Rally
Market researcher Fundstrat Global Advisors has released details of its latest technical analysis, noting that cryptocurrencies are set to see further gains.
As per a Bloomberg report published on Thursday, June 13, Fundstrat’s analysis points to a scenario where a majority of digital currencies have traded higher in recent weeks.
And according to the research company, the sustained uptrend in the market comes as one of the technical indicators (the relative strength index (RSI)) indicates that momentum is turning upward, away from the neutral. The current trend, apparently, shows that the market is strong.
Fundstrat’s technical strategist Rob Sluymer is quoted by Bloomberg as noting that his recommendation would be that investors exhibit patience, especially on the back of the May crypto market surge that saw Bitcoin (BTC) reach its highest price levels for 2019.
Sluymer reiterated that early signs are indicative of a potential rally that will see cryptocurrencies post new highs. The analyst added that the firm expected bitcoin to hit new levels with the new upside momentum, which should see it reach between $8,800 and $9,000.
At the end of last month, the co-founder of Fundstrat Global Tom Lee alleged that the long crypto winter that began late 2017 had ended. The pro-bitcoin strategist then cited several events in a timeline he claimed suggested the market had turned around.
One of these is the bitter November 2018 Bitcoin Cash (BCH) hard fork that he noted had seen rival bitcoin mining pools exhaust their bitcoin supply.
Another key milestone Lee cited happened on January 23 this year. At the time, bitcoin’s year-on-year on-chain transactions rose to hit positive levels for the very first time in a year.
Meanwhile, one price analyst recently claimed that the price of the top crypto by market cap bitcoin (BTC) will probably hit $25,000 before the year ends.
According to Oliver Isaacs, the recent resurgence in bitcoin’s price comes as multiple factors confluence to drive value up. He pointed these drivers as being geopolitical, technological as well as regulatory-oriented.
Isaacs also identified the heightened Sino- U.S. trade war as a factor that has seen a sudden surge in investor interest crypto, particularly bitcoin. The jitters in the global markets have seen investors look to BTC as a hedge.
Bitcoin (BTC) is currently trading at around $8393 and is up 2.15% on the day according to data on XBT.net. The crypto appears to be gathering momentum and could break above $8,500.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.