Robert Sluymer - a strategist at Fundstrat Global Advisors, has said in a note that the current price structure of cryptocurrencies, including Bitcoin, is ‘vulnerable’ and that it is susceptible to new lows.
Keep an Eye on Bitcoin Price at $3,100
According to the specialist, it’s important to monitor the behavior of Bitcoin when it is at the $3,100 price level.
A break below the fourth-quarter lows at $3,100 would imply a decline to $2,270, while a move above $4,200 is needed to signal Bitcoin is beginning to improve. - Said Sluymer.
The strategist finds a vulnerability in the price structure of most cryptocurrencies as well. Citing Fundstrat’s advance/decline indicator - a metric for market breath for 250 small-cap digital currencies, Sluymer said:
The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.
No More Bold Predictions of Bitcoin Price
Notably, Sluymer didn’t go so far as to predict any future movement of Bitcoin’s price.
While Fundstrat, in general, is known more for its bullishness rather than negative stance on cryptocurrency prices, their 2018 predictions were all missed substantially.
Towards the end of January this year, Tom Lee, Chief Analyst at Fundstrat Global Advisors stayed his earlier position on Bitcoin, saying that $25,000 Bitcoin price is fair.
As of the time of this writing, however, Bitcoin is trading at $3,412.77, marking around 2 percent decrease during the week.
Do you agree with Sluymer regarding his current position on Bitcoin’s price? Share your thoughts down below!