Now is the time to buy Bitcoin, says Fundstrat technical strategist

03 May, 2019 | Updated: 03 May, 2019
by Richard Allen
Analysis
Now is the time to buy Bitcoin, says Fundstrat technical strategist

Fundstrat technical strategist, Robert Sluymer has stated that Bitcoin is in the middle of a sustained recovery and investors should use this opportunity to buy more. Today, Bitcoin hit its highest figure for the first time since November, Bloomberg reports.

“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance,” Sluymer wrote in a note. He predicts Bitcoin will rebound from its 200-week moving average and breakout from its first-quarter trading range as “the early stage of a longer-term recovery developing.”

At the time of writing, Bitcoin is up over 6% trading at $5,790.31. Bitcoin has gained 55% since the start of the year, pulling the rest of the market with it. Ether has seen a 26% climb in 2019 while Litecoin has soared more than double.

In mid-November, when Bitcoin was trading around $5,500, Sluymer warned that the asset had suffered “significant technical damage” that could take months to repair. The following weeks saw Bitcoin sink as low as $3,136.04. Then, in February, Sluymer cautioned that the technical position of the crypto industry was still weak. It wasn't until April that Bitcoin recovered to the $5,000 level.

BTC/USD chart provided by Tradingview

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