Advisor predicts Bitcoin to skyrocket
A leading cryptocurrency advisor says he expects Bitcoin to skyrocket in “the next couple of days.”
Speaking to CNBC on Thursday, Robert Sluymer of Fundstrat Global Advisors says he expects Bitcoin to skyrocket due to a price breakout in the near future.
While explaining the fluctuations in Bitcoin’s price, Sluymer says there are “some very important levels coming up for Bitcoin literally in the next couple of days.”
Despite Bitcoin’s failure to rally in May as predicted by Fundstrat’s Tom Lee, Sluymer notes that the longer-term price trend for Bitcoin is still “technically up” with $9,500 as its critical level.
Bitcoin is now preparing to “challenge its downtrend,” according to Sluymer, who states:
“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.”
However, there are “plenty of technical bears out there,” Sluymer notes.
A bearish scenario predicts price bottoms as low as $5,000 or $3,000.
Sluymer believes that for Bitcoin to skyrocket, it will rally if it just passes through the $7,800 level.
Tom Lee stated in May that, despite the failed rally, he stands by his prediction of Bitcoin reaching $25,000 before the end of the year.
Bitcoin is currently trading at around $7,670, according to the live price charts.
At the time of press, the current price is down only 0.4 percent over the last 24 hours.
According to technical analyst, Omkar Godbole, the recent low volatility of Bitcoin’s price is a sign of an imminent breakout.
The leading cryptocurrency has squeezed into an increasingly narrow price range in the last two weeks.
Bitcoin is currently experiencing volatility levels not seen for eight months.
The wider the range and the longer the period of the consolidation, the more violent a breakout tends to be, according to technical theory.
So, Bitcoin could see a sudden $800 move very soon.
In which direction, however, remains to be seen.