Bitcoin (BTC) is currently trading at $5,810.19 which is an improvement from yesterday’s close of $5,505.28 according to data from CoinMarketCap. With Bitcoin’s price appreciation, Fundstrat’s technical strategist, Robert Sluymer is calling on BTC enthusiasts to use the slow price appreciation to continue accumulating Bitcoin.
For Sluymer, BTC is headed towards massive price gains and this may be the only open chance for accumulating Bitcoin.
Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through 6,000 resistance.
According to Bloomberg, the technical strategist is confident that BTC’s recovery from “its 200-week moving average and breakout from its first-quarter trading range” shows a recovery phase that could be maintained for a longer term.
Sluymer has been giving reliable analysis since last year November when he indicated Bitcoin was still weak to put an intense fight against the bears. After his analysis, Bitcoin dipped close to $3,000 where it stayed until early this year when it started appreciating. However, it was until the start of April that Bitcoin tested levels above $5,000 and has been on an upward trajectory since then.
Today’s price sets another high for Bitcoin in 2019. Sluymer was also cautious that Bitcoin might slide back to $4,300.
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. Bottom line: use recent weaknesses to accumulate.
This comes a few days after Tom Lee, co-founder, Fundstrat, predicted that Bitcoin would be worth 20 thousand U.S dollars by the end of 2020. Lee has been extremely optimistic about the price of Bitcoin. For example, Last year, he predicted that Bitcoin would close the year at around 25 thousand U.S dollars. However, he later retracted the timelines due to the continued bearish momentum that plagued the entire crypto market.
Do you think it’s time for accumulating Bitcoin?
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