Fundstrat: Bullist Trend to Develop in Coming Months
According to Fundstrat’s technical expert Robert Sluymer, the bullish trend for the cryptocurrency market will not be around for the next couple of months, but the analyst expects almost all of the cryptocurrencies to recover from their yearly lows in the near future.
Bitcoin currently trading around $6500 at the time of writing. After peaking around $7400 in December, the Bitcoin price dropped slowly as it’s now 13 percent lower than its September highs. Fundstrat Global Advisors’ analyst Rob Sluymer said the cryptocurrency bulls will need to wait for a little bit longer. In his recent note to his clients, Sluymer noted:
Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop. […] This is consistent with post-bear-market behavior that has developed in other asset classes following bear markets.
Fundstrat known to be their spot on predictions regarding Bitcoin price. Earlier, they said $6000 is the strong support for Bitcoin as they stated mining profitability will drop considerably if the prices dipped below that level. It seems they are right because, despite the corrections, Bitcoin managed to stay above $6000 level. Earlier, the head of Fundstrat, Tom Lee said:
Since December of this year, if one was bearish on any aspect of crypto but did not want to own the underlying, they could short BTC. They can now short ETH, means the net short on BTC in futures would fall.
Lee also said Bitcoin price will be somewhere in between $22 and 25K as he recently confirmed he’s still behind his prediction. Fundstrat also predicts Ethereum price is about to stage a stunning comeback as they said:
“We believe Ethereum is about to stage a trend reversal and rally strongly. The price target should be $1900.”