Crypto Fund Analyst Tells Investors to Limit Bitcoin Buying Exposure and Wait Until Next Price Action
When It Comes to Bitcoin, Investors Should Sit on the Sidelines Says Analyst
Fundstrat Global Advisors’ Technical Analyst, Rob Sluymer has been recently quoted saying that investors should remain on the sidelines and “wait for evidence of an improvement in ‘trend’ before increasing exposure.” This has been noted in relation to the drop-in volatility shown within the crypto sphere.
The claims made by Sluymer seem to align with Terpin’s viewpoints, as reported by Bitcoin Guide Exchange. In particular, the latter claimed the time is right for institutional investors to enter the crypto market, as Bitcoin and several other altcoins cannot drop any further than they already have. The former seems to believe the same, but advises investors to stay calm prior to diving right in.
MarketWatch also reported on this matter, quoting Sluymer saying the following:
“A move above the September real and relative highs remains they key resistance/reversal level that will need to be executed to signal the early stages of a trend reversal.”
As for the cryptocurrencies’ value, each token has seen very little fluctuation, namely between 0 to 3 percent. At the time of writing, Bitcoin [BTC]’s value dropped by 0.43 percent, followed by Ethereum [ETH]’s 0.71 percent, XRP’s 2.58 percent, Bitcoin Cash’s 2.07% and so on, which are all losses that can be easily recovered.
According to a News BTC report, who has since referenced a Bloomberg Intelligence Commodity Strategist, Mike McGlone, it seems like many analysts hold the same view, that is, majority of the cryptocurrencies have reached their bottoms, adding that the market will eventually be bullish. As per McGlone’s words,
“The crypto market is a maturing market, so volatility should continue to decline. When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.”
Are you hopeful of what the crypto market has in store in the near future? Will we finally see price hikes and the possibility of recovering some of the losses incurred? Share your thoughts right down below!