Another Fundstrat prediction has emerged. This time there’s no messing about; the firm predicts that Bitcoin (available on Coinbase) will hit $20,000 USD next year. You can bet investors are sitting up.
Fundstrat has made calls that have come true in the past, so should we listen this time around?
Fundstrat Prediction
The most recent prediction the research body made was that Bitcoin (available on Coinbase) was going to crash in the latter half of 2018. It came true. At the time, BTC was trading at approximately $5,500 and could have easily climbed beyond.
Now the firm is saying Bitcoin (available on Coinbase)’s rough patch is behind us and it’s time to jump back on the Bitcoin (available on Coinbase) buzz train. So should we listen?
Fundstrat Prediction: Strategist Robert Sluymer
According to Robert Sluymer, a Fundstrat technical strategist, Bitcoin (available on Coinbase) looks set to rally in the second half of 2019 as he sees a long-term bullish trend developing. Recently, we saw a sign of this when a Bitcoin (available on Coinbase) Golden Cross formed for the first time since 2015.
A golden cross is a technical chart pattern that indicates a major rally is on the horizon.
Further, another reason to expect more gains has been the increased interest from institutional demand. This comes according to fellow Fundstrat analyst, Bitcoin (available on Coinbase) bull Tom Lee.
Use Weakness to Accumulate
Sluymer has reportedly told clients to use the “recent weakness to accumulate” Bitcoin (available on Coinbase). According to a research note cited by Bloomberg, he says the following:
“Use pending pullbacks to continue accumulating Bitcoin (available on Coinbase) in the second quarter in anticipation of a second-half rally through ~6,000 resistance.”
He goes on to suggest that Bitcoin (available on Coinbase) is currently in “the early stage of a longer-term recovery developing.”
Sluymer adds:
“While it’s premature to conclude Bitcoin (available on Coinbase) will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing.”