Bitcoin strategist says cryptocurrencies are about to soar from the current pullback
Despite a pullback in values for the cryptocurrency market in the last 24 hours, a leading strategist says this price drop is only temporary.
Bitcoin strategist Robert Sluymer says the price of Bitcoin is about to go “much higher from here.”
Cryptocurrencies across the board have been in the red today and prices began to tumble on Thursday.
The most likely trigger for the fall is the recent raid by police on South Korea’s largest digital currency exchange.
The timing of the May 10-11 raid coincides with the sell-off.
According to Mr. Sluymer, a strategist at Fundstrat Global Advisors, the drop is only a minor correction as the market is in recovery, telling CNBC:
“The regulatory risk, the fundamental risk around what’s happening with cryptos has hit a bottom and now we’re in a state of general recovery.”
He later said that Bitcoin is about to see much larger gains and will “continue higher from here.”
New York City is holding Blockchain Week’s annual Consensus Conference event for the first time from May 11 onwards.
Mr. Sluymer says this another reason why Bitcoin had surged following the price crash and will continue to rise higher.
The strategist explains that Bitcoin historically increases each year, during and after Consensus, one of Blockchain Week’s biggest events.
In 2015, the cryptocurrency skyrocketed by 23 percent after Consensus.
This rise was “not a huge amount considering how volatile crypts are,” explains Sluymer, but it highlights an obvious pattern
Following the 2015 convention, Bitcoin soared another 100 percent towards the end of the year.
On Friday morning, Bitcoin’s price dropped to $8,520 before climbing back up again, according to Coinmarketcap.
Bitcoin’s current value is just above $8,600, according to the live price charts, despite rising to almost $10,000 last week.
In December 2017, Bitcoin reached its record-breaking all-time high of almost $20,000.
Strategist Sluymer’s view on Bitcoin echoes that of fellow Fundstrat advisor, Thomas Lee.
Mr. Lee predicts that Bitcoin will not only revisit past price highs but will far-surpass them.
According to Lee, aka the “Bitcoin Bull,” the leading cryptocurrency will rise to $25,000 this summer before reaching $36,000 by the end of 2018.