Bitcoin continues to trend higher in the market giving analysts, experts and observers more reasons to be bullish on the digital currency as other Bitcoin-related projects also present tremendous figures.
Fundstrat’s top chartists Rob Sluymer has joined Litecoin Charlie Lee’s brother Tom Lee in the belief that Bitcoin will not bottom again but rather remain on the bullish radar. The Fundstrat Global Advisors official said the largest cryptocurrency by market cap would continue on the upside trend till the second quarter of the year.
Rob Sluymer who called for key turning points in the digital currency, said based on previous recoveries, Bitcoin is poised to reach $10,000-$11,000. Sluymer said Bitcoin rise would be similar to the 50%-62% June to December of 2019 recovery.
He also said while a 62% recovery of the 2019 drop would drive Bitcoin to $11,000, the cryptocurrency is known for breaking its trend after witnessing 62% pullback of its previous move.
“Bitcoin appears to be in a textbook re-acceleration,” Sluymer said the retracement should be fairly narrow, followed by “resuming its longer-term uptrend into year-end.”
After buying Bitcoin in early May 2019, Sluymer, during the June market uprise, predicted that Bitcoin would see a major pullback.
Ichimoku Cloud: Bitcoin Signals Rare Bullish Flash for the First Time in 10 Months
In the early hours of the European trading session today, February 6, Bitcoin, while on the upside rally flashed an occasional bullish signal that last surfaced 10 months ago.
The Ichimoku Cloud technical indicator gestured a long-term upturn rally for Bitcoin with a green signal, hours after the cryptocurrency rushed toward $9,700.
This shows that a Golden Cross may be around the corner with a bullish rally on the long-term. Ichimoku Cloud is regarded as a very important indicator.
The Ichimoku Cloud technical indicator, in October 2019, turned red, and it was followed by a Death Cross that dragged Bitcoin’s price back by about 25%.
Also, the April 2019 green signal issued by Ichimoku Cloud saw Bitcoin spike by about 170%.