Robert Sluymer of Fundstrat Affirms That Now Is The Moment of Truth For Bitcoin
After a lot of volatility, Bitcoin sits at a price of about $7500 USD per 1 BTC. To evaluate its future price, the economist uses a 15-day average that after a move upwards, there is a pullback and, according to him, now is a very important moment to see if the trends that have been observed so far will continue or not.
According to the expert, if you look at the stats, you will see that Bitcoin has a certain relative strength index (RSI) and that it generally moves according to it. However, if Bitcoin is not able to continue this trend, it is vulnerable to a collapse to the $6000 range.
“You Never Know” If Bitcoin Can’t Go Lower or Not
When questioned about whether Bitcoin can drop even lower than the $6,000 range, Sluyer was sincere: “you never know”. Technical analysis, he says, helps you gauge your risk, but you can never know 100% for sure. According to him, technical levels are more about finding stop loss positions and risk than actually knowing the future.
Bitcoin, according to him, has a very tight stock and is a purely technical asset class. Because of this, you may not know for sure by looking at the technical levels, but it will surely be your best bet. He does not believe that any other asset class like Bitcoin trades almost only technicals. As there are almost only technical traders involved in the market, Sluymer believes that the market is unique.