By CCN Markets: Independent research firm Fundstrat Global Advisors has great news for litecoin and bitcoin enthusiasts. Technical analysis carried out by the firm indicates that most of the cryptocurrencies are set to go on a bull run, and investors should start buying them. Noted…
By CCN Markets: Independent research firm Fundstrat Global Advisors has great news for litecoin and bitcoin enthusiasts. Technical analysis carried out by the firm indicates that most of the cryptocurrencies are set to go on a bull run, and investors should start buying them.
Fundstrat technical analyst Rob Sluymer believes that there’s potential for more gains in cryptocurrencies.
According to Sluymer’s research note (via Bloomberg):
Another upside attempt appears to be developing for most cryptocurrencies. Increase exposure.
We expect Bitcoin to stage another rally from current levels toward next resistance between $8,800-$9,000.
When Sluymer says buy bitcoin, one should pay attention as he has a reliable track record of calling out the price of the cryptocurrency. He had successfully called the bitcoin crash of late 2018 when it was trading at a price of around $5,500. He then issued a note at the beginning of May this year in which he said that bitcoin price is all set to take off thanks to bullish long-term technical trends.
That indeed happened. Sluymer’s note was out on May 2 when bitcoin was trading at just under $5,400. Clearly, Sluymer’s bitcoin price prediction was spot on as the cryptocurrency zoomed higher.
According to Bloomberg, Sluymer’s note says that the “relative-strength-index momentum has begun to turn upward from neutral, which is consistent with strong trending markets.” He believes that this is an early indicator of an upswing in prices of cryptocurrencies such as bitcoin.
Sluymer had earlier warned investors to be patient after bitcoin prices spiked in May, but he is now turning bullish.
Fundstrat believes that bitcoin won’t be the only cryptocurrency that will enjoy a price surge.
Sluymer’s note said that litecoin is on its way higher and investors should “use near-term pullbacks to accumulate.” He says that litecoin has “just rallied through resistance near 121 and is approaching next resistance at 145.”
Litecoin is the top-performing crypto asset in 2019. The price of litecoin has shot up in excess of 350% so far this year and it is believed that it could be on its way to $150.
The jump in litecoin prices is credited to the halving of its block reward that’s expected to take place in a couple of months. Once litecoin undergoes halving, there will be a fall in its rate of production, which will limit the supply of the cryptocurrency and lead to higher prices.
Tom Lee, the founder of Fundstrat Global Advisors, is a well-known bitcoin bull who believes that the price of the cryptocurrency will hit new all-time highs by next year.
In simple words, Lee believes that bitcoin is all set to crack the $20,000 price barrier once again in 2020. Sluymer’s latest bitcoin price analysis indicates that the cryptocurrency is moving toward that goal. Given Fundstrat’s accuracy in predicting the price of bitcoin, it might be a good idea to load up before the next rally arrives.
This article was edited by Samburaj Das.