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Robert Sluymer, strategist of Fundstrat Global Advisors, warned that Bitcoin and the cryptocurrency market as a whole showed signs of vulnerability.
"The price structure remains weak"
Robert Sluymer of Fundstrat Global Advisors said in a note Wednesday, Feb. 6 that Bitcoin 00 and most cryptographic currencies show signs of vulnerability, Bloomberg reports.
The expert considers that digital currencies seem vulnerable to new lows, while they have already lost more than 80% since the peak reached in early 2018.
The price structure for most crypto-currencies remains weak and seems vulnerable to an imminent break with lower lows.
The entire cryptocurrency market has declined slightly from $ 1 billion to the present this week, with total market capitalization currently at just over $ 111 billion.
The $ 100 billion mark seems indeed to constitute a level of important psychological support, as it was proved in mid-December. In fact, the last total market capitalization of cryptocurrency was double-digit in August 2017.
USD 3,300 – Key level to watch for Bitcoin
The badyst also pointed out that a key level to watch for Bitcoin is the $ 3,100 bar.
"A break below the lows of the fourth quarter at $ 3,100 would imply a drop to $ 2,270, while an overrun of $ 4,200 is needed to signal that Bitcoin is starting to improve," she said. he declared.
Bitcoinist reported this week that Bitcoin is in unstable days ahead. In addition, it appears that institutional interest comes into play when breaking key support levels. As a result, failure to defend the support at $ 3,000 could result in a sharp downward slide.
Sluymer refrained from giving forecasts for the price of Bitcoin in the future.
Recently, in December 2018, Tom Lee, head of research at Fundstrat Global Advisors, said the fair value of Bitcoin was between $ 13,800 and $ 14,800. He based his merits on the number of active wallet addresses, the use per account, as well as on the factors "affecting the supply".
Lee also refrained from predicting the price of Bitcoin, after his price prediction of 25,000 BTC at the end of 2018 had been missed by a long shot.
What do you think of Fundstrat's current position on Bitcoin? Do not hesitate to let us know in the comments below!
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