Representatives of two cryptocurrency companies announced a bull market. Is the rise in Bitcoin price a temporary phenomenon or a new trend?
Fundstrat Global Advisors, a research firm, believes this is already a trend. According to experts, despite the fact that subsidence prices are possible, they nevertheless recommend investors to take actions that should be done if a strong market rise is expected.
Fundstrat Global Advisors analyst Robert Sluymer believes that this is about the beginning of a long rise in the market, when Bitcoin was able to rise not only to the maximums of the year, but also rose to the level of November last year.
Sluimer recommended traders to pay attention to temporary downward corrections in the market in order to use them to enter the market for additional purchases of bitcoins , while this digital asset will “break through” the resistance line of 6 thousand dollars.
However, strong bitcoin volatility will be observed for only a short period of time. At the same time, the analyst believes that it is possible that during such volatility, Bitcoin can test minimums at the level of $ 4,300, although this is highly unlikely:
“At Fundstrat Global Advisors, we encourage traders and investors to remain focused on the fact that the long-term bull trend is strengthening right before our eyes.”
It is worth noting that earlier the founder of the organization, Tom Lee, also spoke in favor of the fact that the market began to move away from an unfairly low appreciation of the bitcoin rate . And on April 28, Tom Lee said that no later than the end of 2020, Bitcoin would update the historical maximum and be more expensive than $ 20,000.
0 / Since December, Our team has continued The state to Our belief That $ The BTC Would bottom by 2019. Q1 is the Today, <br> we are excited to this content share an updated #Bitcoin the Outlook report where clause <br> we walk through why <br> we 'continue' to Believe the bottom is in. Read more here: https://t.co/920MD8d7fk
– Delphi Digital (@Delphi_Digital) on May 2, 2019
With an optimistic assessment of the market agree and Digital Delphi. The organization said that the “bottom” on Bitcoin was reached in December 2018, although they had previously believed that the market decline would continue in the first quarter of this year. Now the organization believes that Bitcoin has entered a sustainable growth path.
Publication date 05/05/2019
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