Bitcoin, the world’s premier cryptocurrency, is currently on the rise after spending weeks with unstable value with a tendency to fall. As of the moment of this writing, BTC was exchanging hands at $5,787.45, which would mean a 3.09 % increase over the last 24 hours.
Only a couple of weeks ago, the token was below $4,000 and struggling to surpass that barrier. Now, however, the bulls have taken over a market that had spent months surrounded by the bears, and the developments of the last few days have prompted experts and specialists around the industry to provide their insight about the possible BTC’s behavior in the short and medium term.
According to a report from Bloomberg, which cited specialists over at the market strategy company Fundstrat Global Advisors, the asset’s price is likely to stop its rapid surge in the short term, but that development would mean that investors should take advantage and buy more Bitcoin.
Why? The answer is because the most prominent digital asset in the planet is not done gaining value in the medium and long term. Fundstrat analyst Robert Sluymer, via a note to clients in recent days, stated that even though BTC has shown the marks of a long-term bullish trend, the accumulation phase has not ended.
Bitcoin, which had held on steady in the $6,000-$6,500 range for months up until November, started a steep decline in the middle of that month that saw the cryptocurrency hit yearly lows near the end of 2018. However, it has now gained enough value to achieve its highest level since those mid-November days.
“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through 6,000 resistance,” he observed, signaling volatility should appear in the short term but clarifying that BTC should surpass the $6,000 barrier, which would mean recovery to the levels prior to November’s slump.
The specialist also told clients that “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.” He seems to believe there is enough underlying data that suggest future success.
Whilst some pessimistic forecasts appeared at the start of the year, when BTC was at its lowest, right now the bullish sentiment appears to be dominating the crypto scene following Bitcoin’s recovery, and the green indicators of altcoins, as well. Fellow Fundstrat Executive Tom Lee, who in the last few weeks predicted that Bitcoin’s next step would be breaking the $6,000 barrier (which is about to happen if market conditions stay the same,) showed renewed optimism this week, too.
Lee observed, once again, that 2020 should be a big year for Bitcoin. He projects the cryptocurrency to post all-time highs when it comes to value, which would mean surpassing the almost $20,000 it was worth in January 2018, before a long bearish market took place.
By Andres Chavez