In line with a recent report published by ‘Bloomberg’ quoting market strategy firm ‘Fundstrat Global Advisors’, the price of the leading cryptocurrency named Bitcoin [BTC] is expected to pull back soon, but investors ought to leverage it to purchase more.
Within a note to the users on 2nd May, Fundstrat analyst named ‘Robert Sluymer’ aforementioned that whereas Bitcoin’s current strength marks the beginning of a long-run optimistic trend, the accumulation phase isn’t yet over.
BTC/USD pair has continued to climbe throughout this week to hit new 2019 highs earlier on Friday, and achieving its highest levels since November last year’s breakdown.
“Use pending pullbacks to continue accumulating Bitcoin [BTC] within the 2nd quarter in anticipation of a second-half rally through ~6,000 USD resistance,” he suggested, signalling volatility is expected to appear within the short term.
Explaining further, Slyumer added:
“While it’s premature to conclude Bitcoin’s [BTC] won’t retest support close to $4,300 USD, we’d encourage traders and investors to stay focused on the optimistic longer-term technical profile developing.”
Sluymer was following increasing optimistic sentiment on Bitcoin from analyst circles, that enclosed fellow Fundstrat executive named ‘Tom Lee’, who additionally revealed he was positive on the upcoming years.
Specifically, 2020 should see Bitcoin post new historic incomparable highs over $20,000 USD, per ‘Lee‘.
Around the time of Bitcoin’s collapse earlier in Nov., Sluymer had meanwhile properly ‘anticipated‘ the issues ahead, warning it’d take time for Bitcoin to recover back its technical strength.