Bitcoin has been on an absolute tear over the past few days. Since bottoming at $9,100 early this week, the cryptocurrency has ripped higher, surging from $9,100 to a recent high of $9,850 as buyers have stepped in en-masse.
According to a leading Wall Street analyst at a top research firm, the asset’s rally is not done yet. Here’s more on why.
Bitcoin Likely to Head Even Higher Past $10,000: Here’s Why
Per a recent article from Bloomberg, Fundstrat Global Advisors’ Rob Sluymer, the firm’s “top chartist,” sees more upside for Bitcoin in the coming weeks.
Sluymer’s comment on BTC is relevant, Bloomberg wrote, citing his ability to “call key turning points in the digital currency” in the past; indeed, in May of 2019 he called for investors to buy Bitcoin, and at the end of June, he predicted a steep pullback.
In a recent research note for Fundstrat, Sluymer purportedly wrote that he expects Bitcoin to rise into the $10,000 to $11,000 price range over the coming months, citing BTC’s historical trend of retracing 50% to 62% of long-term market trends. The analyst continued:
“Bitcoin appears to be in a textbook re-acceleration. [The pullback should be relatively shallow, followed by] resuming its longer-term uptrend into year-end.” Read More...