Bitcoin Set to Challenge Downtrend in ‘Next Couple of Days’, Says Fundstrat Advisor
Robert Sluymer of Fundstrat Global Advisors spoke to CNBC Thursday, June 7, about his view that Bitcoin (BTC) is set up for a price breakout in the near future.
During a Bitcoin price explanation, Sluymer said that he believes there is “some very important levels coming up for Bitcoin literally in the next couple of days.” Even though Bitcoin’s price had failed to make the expected rally in May -- one predicted by Fundstrat’s Tom Lee -- Sluymer notes that Bitcoin’s longer term price trend is still “technically up” with $9,500 as its critical level.
According to Sluymer, Bitcoin is now set up to “challenge its downtrend:”
“When we think about what does it take to turn a security, a market, a cryptocurrency around, it first needs to bottom, then it needs to reverse through that uptrend or downtrend, and then it needs to turn that trend positive. So we have step one in place.”
Sluymer did note that there are “plenty of technical bears out there” that are predicting price bottoms as low as $5,000 or $3,000, but Sluymer believes that Bitcoin will rally if it just gets through the $7,800 level.
In spite of the failed rally, Tom Lee stated in May that he still maintains his prediction of Bitcoin hitting $25,000 by the end of the year.
Bitcoin is currently trading at around $7,592, down almost 1.5 percent over a 24 hour period to press time.