Saturday, July 20, 2019

Fundstrat Global Analyst, Robert Sluymer Thinks Bitcoin Could Retest $2,270 Region

Bitcoin’s price may have dwindled within the past year, but this may not be the last of its kind. According to Robert Sluymer, Fundstrat Global Advisors strategist, Bitcoin and altcoins may be at the risk of breaking to new lows after a technical analysis was carried out, reports Bloomberg on January 7.

Small Altcoins Have Been Most Impacted by Bitcoin’s Price Dump

Per the report, Robert Sluymer revealed that Bitcoin may have been on the decline but cryptocurrencies that have been most impacted are small altcoins. These coins are more vulnerable to a decrement in price, Sluymer stated. Generally, Sluymer believes that cryptocurrencies are “on track to retest their fourth-quarter lows in a weak technical position.”

The Analyst is also of the opinion that if Bitcoin hits the $4,300 mark, then it will be a signal that the digital asset is improving. However, a fall in price lower than that of the fourth-quarter lows of $3,100 could mean that it will decline further to $2,270.

Sluymer also stated that:

The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows

Tom Lee Predicts Bitcoin Will Hit $125,000 by 2022

Tom Lee, Fundstrat Global Advisors co-founder in January predicted that Bitcoin will hit $125,000 by 2022. However, weeks later, he made his forecast a bit precise by stating that within five months, Bitcoin’s price will be valued above $19,000. In an interview with Fox Business Network on January 25, Lee also said Bitcoin is resilient and his 2018’s prediction of the coin hitting $25,000 will still happen.

BTCNN on February 7 informed of Nikolaos Panigirtzoglou, a JP Morgan analyst’s opinion that Bitcoin can still make a major comeback. The analyst who was once bearish about the asset, stating that large investors have stirred away, had something different to say. According to him, the crypto market has gone through its bubble and burst stage which will lead to the next stage of adoption by institutional investors.

Related Article:  Crash Prophet, Marc Faber Buys His First Set Of Cryptos

Bitcoin Records Over 80 Percent Loss in Value

Bitcoin, on the other hand, was trading around $20,000 in December 2017 before it dumped significantly to around $3,400 as at press time. Therefore, this is over an 80 percent decrement in price which has also affected the market capitalization of virtual currencies.

On January 7, the digital currency reached a milestone of $4,000 for the first time since the year began. Asides that, JPMorgan Chase & Co. has pointed out that the cost of mining one Bitcoin is $4,060 globally which is higher than its current price.

More Articles

Nigerian Government Interested in Digital Currency but Considering Risks

The Nigerian government might just be showing signs of changing her stance concerning cryptocurrency in Nigeria after reports revealed last week that the government...

Apple Profits Slump as Company Blames Low Demand for...

The latest news from Apple, a U.S.based multinational technology company reveals that its sales have dwindled over the past five months. This decline has been attributed...

UAE To Give Companies The Go-Ahead To Start Raising...

New dawn to the way of running organizations and raising funds for its operation in UAE as the country is about to make things...

South Korean Blockchain Association Desires a Standalone Crypto City

The blockchain association of South Korea is in need of a ‘specialized Crypto-Valley District,’ which it intends to get from the city of Gwangju. This...

New York Financial Regulator Approves Blockchain-based Payment System

On Tuesday, December 4, the Department of Financial Services (DFS) approved the use of a digital payment platform by the New York State-chartered Signature...

Wyoming Introduces Bill to Allow Banks Provide Custodial Services...

Wyoming, a Western U.S. state on January 18 introduced a new bill to allow banks in the region to provide custodial services for digital assets. Several...

Texas Inspects 4 Crypto-Related Companies Due To Alleged Fraud

Since Texas formulated their 2018 Enforcement Report with the connection of crypto companies as fraudulent businesses, some companies went down as investigations arise in...

Bitcoin ATMs Have Doubled For the Past Four Years

Bitcoin ATMs have doubled for the past four years which may be a bit unexpected especially for the years after 2017. The latter is...

Blockchain Startup, Decentral Releases Jaxx Liberty Multi-Crypto Wallet

Anthony Di Lorio, who is the co-founder of Ethereum cryptocurrency and also a co-founder at Decentral, a Toronto based blockchain application development firm has...

Blockchain Is Still Far From Reaching Institutionalization – JPMorgan...

The blockchain technology still has a long way to go before it reaches institutionalization according to Joyce Chang, global research chair at JPMorgan Securities....

Taiwan Charges 7 Bitcoin Traders for Violating Multiple Banking...

According to a media outlet's report, 7 people in Taiwan, a state in East Asia, were indicted on January 18 for allegedly violating banking...

Latest Articles

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

Facebook Libra Coin did what you all wanted, and...

I think we need to take a step back and look at what’s really happening here… The primary issue with the entire Cryptocurrency industry is...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...

No-fee Mobile Trading App Quantfury Increases Crypto Support with...

The no-fees mobile trading app Quantfury has been expanding its crypto services lately, most notably with the addition of the DASH cryptocurrency. The coin...