RATE Group | Bitcoin Price Has Bottomed And Will Rally Soon: Fundstrat Analyst
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Bitcoin Price Has Bottomed And Will Rally Soon: Fundstrat Analyst

02 Jun Bitcoin Price Has Bottomed And Will Rally Soon: Fundstrat Analyst

Posted at 00:02h in Bitcoin News by

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Bitcoin price

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Bitcoin’s price has hit rock-bottom and will rally again soon like the mythical phoenix rising from the ashes. That’s what technical analysis suggests, according to Robert Sluymer, head of technical strategy at Fundstrat Global Advisors.

Sluymer, whose colleague and boss is cryptocurrency bull Tom Lee, offered a glimmer of hope for the flailing market, which has been decimated recently.

BTC prices have plunged 60 percent since approaching a high of almost $20,000 in December 2017. As of this writing, it is trading at roughly $7,400.

Momentum Is Building

After weeks of sputtering, positive momentum is quietly building for the top cryptocurrency by market cap, Sluymer said.

“When we step back, we see the first phase starting to happen,” he told CNBC. “We think bitcoin is starting to bottom off some very key support around $7,000, and we think it’s going to start a recovery…

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