In a note to clients on Thursday, Fundstrat Global Advisors strategist Robert Sluymer warned crypto investors that the world’s most popular cryptocurrency could see a massive pullback in the next few days. He, however, said that now is the best time to invest in digital assets.
“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance,” he advised. “While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing.”
Slymer raised some eyebrows last year November when he correctly anticipated a bearish outcome. He made a bold call that Bitcoin price would tumble and warned it would take time for the coin to recover.
Bitcoin is in midst of a sustained recovery
The bitcoin price has increased to $5,833 on CoinMarketCap. It has a market cap of $103 billion with a trading volume of $18 billion.
Though the Bitcoin price surge in recent weeks is largely believed to have been due to technical aspects, fundamental dynamics such as the increasing institutional interest and growing transaction volume of the top-ranking digital asset could have affected the coin.
Bitcoin price will hit a new all-time high in 2020
Last week, Bitcoin bull and leading Fundstrat analyst Tom Lee joined the likes of Tim Draper and John McAfee in notable and optimistic prediction for BTC. He predicted bitcoin price would see a new all-time high in 2020, surpassing the previous $20,000 level.
He identified several important factors that will trigger the next bull run, including increased adoption of BTC worldwide and higher trading volumes.
Lee also mentioned how embattled nations such as Venezuela are using cryptocurrency to beat hyperinflation. Bitcoin offers a relatively more stable store of value and provides a more efficient way to make international payments.