markets could soon hit lower lows and continue their record bear market, investment and analysis firm Fundstrat Global Advisors warned in an email quoted by on Feb. 6.
Writing to traders, one strategist at the firm, Robert Sluymer, forecast that on the basis of current performance, there was a chance (BTC) and prices could dip further.
BTC/USD has fallen around 2.2 percent over the past week to trade at $3,370 as of press time Thursday, as many altcoins have bigger drops. Sluymer said:
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.”
Fundstrat is known within the cryptocurrency space for some of the more upbeat narratives on the future of ₿itcoin in particular. Enthusiasm appeared to wane in recent months, however, with popular senior Fundstrat strategist announcing he would no longer make public predictions about BTC/USD in December 2018.
“We are tired of people asking us about target prices,” Bloomberg him as telling clients at the time, nonetheless adding he thought ₿itcoin’s fair value should be worth $150,000.
Belief in a broad market resurgence in 2019 remains patchy among other major proponents. While has infamously stuck by his $1 million prediction for next year, CEO also Cointelegraph he thinks ₿itcoin will break its all-time highs of $20,000 within the next eleven months.
Published at Thu, 07 Feb 2019 07:37:00 +0000
