A Fundstrat Global Advisors has noted that the current bullish trend will not go on for long. He explains that time is needed to recover the damage developed throughout the year. At the time of writing Bitcoin had slightly increased, less than 1% in the past 24hrs. However, the cryptocurrency has proven to be the most valuable cryptocurrency had held its ground this past week.
However, the cryptocurrency which has a month’s peak of $7,400 has seen a 13% decline at the moment. According to Rob Sluymer, who is also an analyst at Fundstrat Global Advisors mentions that the bulls will have to take a break for a while. In a recent note, he had stated that “Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop.”
Earlier this month, the Head Analyst and Managing Partner at Fundstrat Global Advisors, Tom Lee, had been positive about the value of Bitcoin rising to new highs as CBOE intends to launch Ethereum futures on its exchange.
Speaking about this, Lee said: “Since December of this year, if one was bearish on any aspect of crypto but did not want to own the underlying, they could short BTC. They can now short ETH, means the net short on BTC in futures would fall.” Ethereum (ETH) marks a slight weekly decrease of approximately 3% in the last 30 days, the world’s second-ranked cryptocurrency by market capitalization has seen a decline of about 23% on the monthly chart.