Bitcoin might need several months to recover from its recent crash, according to a recent report published by Fundstrat Global Advisors.
Bitcoin Needs Time to Repair Serious Damage
The technicals behind the Bitcoin price are not in good shape, as per Fundstrat’s report published yesterday, though the cryptocurrency has already surged over 13% since then. Nevertheless, the oldest cryptocurrency is still 36% down from its February peak at over $10,300.
The recent crash triggered by a steep decline in traditional markets caused Bitcoin to break below its five-year uptrend. Fundstrat’s technical analyst, Rob Sluymer, says that the price action has been badly compromised.
For now, technically we will again give Bitcoin the benefit of the doubt that it is attempting to bottom but recognize Bitcoin will likely need months of consolidation to repair the technical damage now in place,
Sluymer explained:
The crypto breakdown over the past week mirrored the ‘get me out of everything’ panic that dominated all asset classes, whether they were defensive (bonds and gold) or not (equities). Lower highs and lower lows are in place for Bitcoin, leaving in a compromised, potentially vulnerable longer-term profile.
Despite everything, the situation is not that bad. The cryptocurrency managed to stay above its 200-week moving average. According to Fundstrat’s analyst, this is a crucial long-term support level for most assets. It has worked well for Bitcoin during similar crashed in 2015 and 2018.
Recovery Has Already Started Confidently
Bitcoin is already showing clear signs that it wants to fix the issue. On Wednesday, the cryptocurrency started to move independently from traditional assets as the latter ones were testing new lows. The digital coin was steady for more than a week before jumping over 20% on Thursday, which was the biggest single-day gain since October last year. On Friday, Bitcoin has extended the rally, peaking at $6,838.
When Bitcoin was trading just above $6,000, Vijay Ayyar, a senior executive of crypto exchange Luno, told Bloomberg that the digital currency could touch $6,500 and then find a range between $3,000 and $6,000 as the market is getting closer to the halving event. He said:
This is classic redistribution and would be very healthy for future Bitcoin price action and if we were to have bullish momentum going forward.
Do you think Bitcoin will go back below $6,000 soon? Share your expectations in the comments section!
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Fundstrat’s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing that the cryptocurrency will eventually pull out of bearish trends soon.
Experts at Fundstrat are super bullish on Bitcoin. They see halving and a Bitcoin ETF as material catalysts. Bitcoin is already up roughly 80% versus the start of 2023. Bitcoin has had a massive rally since the start of this year but experts at Fundstrat are convinced it’s just a drop in the bucket compared […]
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The Bitcoin market is getting hotter and hotter now, so you can probably see fireworks soon and we’re not talking about the Fourth of July. According to a recent tweet made by Thomas Lee, one of the members of Fundstrat Global Advisors, you can bet that we’ll see some fireworks in the Bitcoin market pretty […]
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By CCN Markets: Independent research firm Fundstrat Global Advisors has great news for litecoin and bitcoin enthusiasts. Technical analysis carried out by the firm indicates that most of the cryptocurrencies are set to go on a bull run, and investors should start buying them.
Bitcoin Looks Bullish, According to Fundstrat After 14 months of brutal bear market conditions, data and other pieces of evidence are finally starting to accentuate that Bitcoin bulls are taking control of the BTC price.
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Thomas Lee, CEO of the New York-based research company Fundstrat Global Advisors, is in the news after he claimed that the fair price of Bitcoin [BTC] should be $14,000. In a recent interview with CNBC, Lee spoke about the latest Bitcoin rally that breached the $5,000 mark and the factors that propelled it.
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Forever the cause of feverous speculation, the institutional opinion of Bitcoin seems to stand as the yardstick for price projection. For all of Wall Street’s supposed secrecy, however, a survey finds the prospective market-makers to be more bullish than their retail counterparts.
Fundstrat Global Advisors, market strategy and research provider, announced the firm will start accepting Bitcoin (BTC) for content via Bitpay, according to a press release shared with Cointelegraph July 31.
Long term, prices could then fall much further towards the bottom end of Bitcoin’s multi-year upward trend channel, which began in 2016. Such behavior would mimic Bitcoin in 2014, Fundstrat says — echoing similar conclusions made last week from cryptocurrency trading analyst Tone Vays. $ 25k Still In Play For Lee Since publishing the warning,
The price of Bitcoin may be heading down to $3200, new research has warned — as the first and foremost cryptocurrency fails to find support at its April lows of $6450. The Bigger Picture In a detailed transaction analysis released June 13, Fundstrat Global Advisors concluded that — due to the lack of support — BTC/USD could hit February’s $6900 low before rebounding and subsequently falling further to somewhere between $5000 and $5500.
According to experts at Fundstrat, the price drop of Bitcoin to below $7,000, a two-month low, indicates that the coin will have a difficult time recovering in the short-term. Bitcoin Uptrend Coming Robert Sluymer, technical strategist at Fundstrat Global Advisors believes that $7,777 is the key level Bitcoin will have to reach to signal an.
Ведущий эксперт аналитической компании Fundstrat Global Advisers Том Ли по-прежнему утверждает, что курс bitcoin достигнет отметки в $25 тыс к концу этого года. Также он прогнозирует, что стоимость криптовалюты в следующем году не опустится ниже $14 тыс.
A well-known market analyst believes Bitcoin is on track to reach new highs this year. Tom Lee, the co-founder of Fundstrat Global Advisors, expects the cryptocurrency to do “better than $150,000” by the end of 2025.
Bitcoin has been on the lips of many crypto investors and news outlets for the past few months as major investment companies like BlackRock look to bring on Spot Bitcoin ETFs. The world’s largest digital currency has also seen an increase in price in the past few months as a result of this, ranging around $30,000 for almost a month.
Неспособность биткоина набрать обороты и приблизиться к отметке $20 000 вызвала у аналитиков опасения по ближайшему снижению. Сегодня 29 июня крупнейшая криптовалюта опустилась в диапазон $19 000, торгуясь близко к $20000.
На дневном графике биткоина возник «золотой крест» — редкая и в то же время вызывающая интерес трейдеров фигура. «Золотой крест» является импульсным индикатором, возникающим при пересечении 50-дневной скользящей средней 200-дневной снизу вверх.
Уже сегодня стоимость всех цифровых валют может снова превысить $2 трлн. В ночь на понедельник, 16 августа, капитализация крипторынка выросла до $1,98 трлн. Из первой десятки CoinMarketCap самую лучшую результативность за последние 24 часа продемонстрировала любимая монета Илона Маска Dogecoin (DOGE).
Биткоин (BTC) сегодня торгуется на уровне $36 000, монета так и не смогла разогнаться из-за отсутствия сильной поддержки. При этом аналитики компании Fundstrat все еще настроены крайне оптимистично.
Биткоин торгуется на этой неделе в диапазоне от $54 000 до $56 000. Монета смогла отскочить после обвала до трехнедельного минимума, однако возобновить экспансию ей не удалось. По прогнозам вице-президента Fundstrat Лиора Шимрона, консолидация может продлиться несколько недель.
