Another Fundstrat prediction has emerged. This time there’s no messing about; the firm predicts that Bitcoin will hit $20,000 USD next year. You can bet investors are sitting up.
Fundstrat has made calls that have come true in the past, so should we listen this time around?
The most recent prediction the research body made was that Bitcoin was going to crash in the latter half of 2018. It came true. At the time, BTC was trading at approximately $5,500 and could have easily climbed beyond.
Now the firm is saying Bitcoin’s rough patch is behind us and it’s time to jump back on the Bitcoin buzz train. So should we listen?
Fundstrat Prediction: Strategist Robert Sluymer
According to Robert Sluymer, a Fundstrat technical strategist, Bitcoin looks set to rally in the second half of 2019 as he sees a long-term bullish trend developing. Recently, we saw a sign of this when a Bitcoin Golden Cross formed for the first time since 2015.
A golden cross is a technical chart pattern that indicates a major rally is on the horizon.
Further, another reason to expect more gains has been the increased interest from institutional demand. This comes according to fellow Fundstrat analyst, Bitcoin bull Tom Lee.
Use Weakness to Accumulate
Sluymer has reportedly told clients to use the “recent weakness to accumulate” Bitcoin. According to a research note cited by Bloomberg, he says the following:
“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance.”
He goes on to suggest that Bitcoin is currently in “the early stage of a longer-term recovery developing.”
“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing.”
Whether you want to heed the Fundstrat prediction or not remains the choice of the investor. But Bitcoin price has been on a bullish rally in recent months, and this is clear to see. February has seen the coin steadily make gains, but the real “Eureka” moment arrived on April 1st.
On this day, Bitcoin jumped from $4,155 to $4,805 for no discernable reason. Since then the coin has continued to climb and is now selling for $5,813 USD—the first time the coin has breached the $5,800 mark since early in 2018.
What do you think of this Fundstrat prediction?
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