BTC pullback is over, claims Fundstrat analyst

13 Jun, 2019
by David Robb
Price Analysis
BTC pullback is over, claims Fundstrat analyst

A leading analyst at Fundstrat has claimed that Bitcoin's temporary pullback is already over. As reported by Bloomberg, technical strategist Rob Sluymer sent a note to investors telling them that it was now worth increasing exposure to BTC again.

Fundstrat is led by Tom Lee, who has been one of the most consistently bullish analysts, particularly in recent months. He has claimed that a new ATH of $40,000 is possible if Bitcoin can break above $10,000, with a huge influx of money entering the market due to insitutional FOMO.

After steadily gaining momentum throughout most of April and May, Bitcoin very briefly broke above the $9000 level, before being rejected back down below $8000. Although still bullish, many traders are seeing this as the start of an extended period of retracement, with BTC perhaps dipping below $6k before the rally eventually starts up again.

However, according to the note penned by Sluymer, the positive trend will be returning much sooner than most believe: "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".

This forecast is based on an assessment of Bitcoin's Relative Strength Index (RSI). RSI essentially measures price momentum as the ratio between higher closes to lower closes, over a specific time period. Sluymer believes the momentum has undergone a reversal, from negative/neutral towards a more positive trajectory. 

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Read more about: Bitcoin (BTC)


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