- Analysts are predicting that Bitcoin is on the verge of reaching its all-time high considering the trend the digital asset is following.
Considering the present trend of Bitcoin in the crypto market, any individual could suggest that now is the right time to invest before BTC goes completely bullish.
Bitcoin market price could reach $6000 mark any moment from now as BTC is relatively $5,800 at the time of writing.
However, an analyst has claimed there is a possible but short bear market for Bitcoin in this year’s Q2, and investors in the crypto market are expected to seize the opportunity to invest.
Robert Sluymer, Fundstrat analyst, opined in a statement to investors in the crypto space that BTC will soon hit its long term bull run phase in this second as the Q2 of 2019 begins.
Sluymer posited that there is going be a pullback in the price of Bitcoin, which would usher in a second-half rally when BTC would start trading above $6000.
Read Sluymer’s excerpt below;
“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance”.
Sluymer continued by saying that there are chances for Bitcoin price dropping below its present market value before it faces an obvious bull run in the second half of this year, which would last longer. He then advised clients to plunge in and invest before it is too late.
“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.”
Sluymer has been a consistent analyst of Bitcoin market price, in November 2018, he passed a note of warning to clients when BTC was still relatively $5500 against US dollars, noting that the cryptocurrency had been plagued with ‘significant technical damage that is able to subject it to months of recovery.
After Sluymer’s analysed prediction, Bitcoin experienced a significant drop in market price, which the digital asset is still struggling to recover from according to his forecast.
Sluymer’s co-Fundstrat executive, Tom Lee also added his sentiment on the subject matter by predicting an all-time price for BTC by 2020, backing his claim with analysed signs.
Enthusiasts and investors in the crypto space should watch calmly with optimism as the scene gets unfolded. Bitcoin (BTC) against Dollar has been experiencing a typical surge since the start of this week, vehemently to cross its $6000 mark.