Analysts Predict Long Term Recovery for Bitcoin is Already Underway: Time To Buy?

Bitcoin (BTC) Remains Reluctant Despite Recent Bullish Move

Most cryptocurrency proponents have made a few favorable predictions surrounding Bitcoin in recent times. The Technical Strategist of Fundstrat – Robert Sluymer – who accurately predicted a crash for Bitcoin in November last year, has also corroborated these reports basically saying that the world’s largest cryptocurrency by market cap is on an upward trajectory.

Sluymer has expressed that now is a good time for people to start to accumulate, as the coin continues to rise. He advised that people should “use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance.”

Sluymer’s Earlier Predictions

Last year, precisely in November, Sluymer expressed that the coin was not doing very well, insinuating that it could crash pretty soon and that the crash might last a few months. At the time, Bitcoin was valued at $5,500 and over the course of a few weeks, the coin started to depreciate, dropping below $3,200.

A few months ago in February, Sluymer again said “the price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows”, further predicting that there might not be any light at the end of the tunnel yet. His prediction proved to be right as Bitcoin didn’t properly regain any of its former glory until about two months after when it eventually broke through the $5,000 mark.

Other Predictions

Tom Lee, a co-founder at Fundstrat who is also a respected Bitcoin analyst, said at the beginning of 2018 that Bitcoin would end the year hitting $25,000. Even though he later announced that he wouldn’t be doing any further time-frame predictions, Lee probably still believes that Bitcoin could hit this figure in 2019 as he recently remarked that things could move considerably well if there would be “better risk-reward.”

Furthermore, Sluymer has also said that:

“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.”

Basically, Sluymer might be advising that accumulating the coin might be a good thing to do now. If Sluymer’s previous predictions are anything to go by, based on the fact that most of his previous predictions have been accurate so far, maybe we can expect Bitcoin to soar sometime in the near future.

On Twitter, Alex Saunders who is the CEO and Founder of an Australian Cryptocurrency channel, posted a tweet, insinuating a Bitcoin surge, in just a few weeks. Bitcoin recently surpassed the $100 billion market cap level and Saunders recalled the last time this happened. His tweet said:

“Crazy to think the last time bitcoin market cap crossed $100B, price ran to $20k in the next 3 weeks.

What's Your Thought On This ?, Let Us Know In the Comment section Below.
♥Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram