The bullish trend isn’t going to be for at least a few more months, according to a technical expert from Fundstrat Global Advisors. He holds that time is needed for the market to recover the technical damage developed through the year.
Bulls Will Have to Wait
At the time of writing this, Bitcoin (BTC) 00 marks a slight decrease of less than one percent for the last 24 hours. The market’s leader also managed to stand its ground for the last week as.
However, having peaked at around $7,400 earlier in September, the cryptocurrency trades about 13 percent below its monthly high.
According to Rob Sluymer, though, an analyst at Fundstrat Global Advisors, bulls will have to wait for a while. In a recent note to clients, the technical expert outlined:
Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop. […] This is consistent with post-bear-market behavior that has developed in other asset classes following bear markets.
A Bit More Positive
Earlier this month, the Head Analyst and Managing Partner at Fundstrat Global Advisors, Tom Lee, expressed his positive sentiment on the price of Bitcoin, based on CBOE Global Markets’ intention to launch Ethereum future contracts. Lee said:
Since December of this year, if one was bearish on any aspect of crypto but did not want to own the underlying, they could short BTC. They can now short ETH, means the net short on BTC in futures would fall.
Ethereum (ETH) 00 marks a slight weekly decrease of about 3 percent. In the last 30 days, however, the world’s second largest cryptocurrency is down with around 23 percent.
What do you think of Rob Sluymer’s position on the current state of the cryptocurrency market? Don’t hesitate to let us know in the comments below!
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