Punxsutawney Crypto: The Winter Is Not Over For Bitcoin, Altcoins – Clients Are Warned By Fundstrat
Punxatawny Crypto – The Winter Is Not Over For Bitcoin, Altcoins – Clients Are Warned By Fundstrat
For a number of investors and crypto enthusiasts out there, the winter is behind the cryptocurrency market, at least this is what they'd like to believe. Advisors and financial experts from the market investments and analysis company – Fundstrat Global Advisors have been informing its clients to the contrary.
The firm has gone so far as to warn clients and traders within an email that was since taken and quoted by Bloomberg on February 6th.
The company, more specifically, one of its major strategists, Rober Sluymer, took the initiative and wrote to traders operating in the market. He urged caution as he and the firm were operating under the impression that the likes of Bitcoin (BTC) and various Altcoins on the market could prove highly susceptible to further declines in value – dipping below what were previously believed to be their lower support levels.
Over the course of last week, to give credence to the statements made by Sluymer, the Bitcoin – US Dollar ration subsequently declined by around 2.2 percent over the course of trading last week. This resulted in it trading at a lower than average of $3.370, this was followed by a number of altcoins, some of which have seen more significant falls over the same span of time.
Sluymer went on to add:
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.”
While the company is more well known for its otherwise more optimistic tone when it comes to narratives on cryptocurrency, and more specifically Bitcoin, Fundstrat has been seeing its optimism die down somewhat over the last few months. One of the other hits to this previously strong reputation of crypto optimism, it was announced that Tom Lee, the well known senior Strategist for Fundstrat, would no longer be making any further public predictions about the pair trading of Bitcoin and the USD in December last year.
“We are tired of people asking us about target prices,” Lee was directly quoted by a news source stating this to a number of his clients at the time. While this is a hit to the company, he remained resolute in his belief that Bitcoin's fair value ought to be far higher than it currently is – placing it at over $150,000.
Will a resurgence in the market take place for the cryptocurrency world in 2019? The perspectives remain patchy, especially when compared to the rhetoric of 2017, but that's not necessarily a bad thing. In related news, John McAfee had previously brought forward his own prediction that Bitcoin may very well be worth roughly $1 million in terms of valuation.
According to the cryptocurrency coin exchange, Quoine, specifically its CEO, informed news sources that he believes that Bitcoin will be able to bounce back in a significant way – hitting and breaking its all time high of $20,000 with the next 11 months.