An analyst at Fundstrat Global Advisors has said that Bitcoin investors should remain on the sidelines for now before increasing their exposure to it.
Remain Patient
Rob Sluymer, technical strategist at Fundstrat Global Advisors, made his remarks in a note to clients, reports MarketWatch.
According to the analyst, now is not the time for investors to increase their exposure. The note comes at a time when the crypto market has been struggling to gain traction. At the time of writing, Bitcoin is valued at $6,560, according to CoinMarketCap.
Yet, for the last few months, it has remained within the $6,200 and $6,800 range. As a result, Sluymer thinks investors should remain on the sidelines before increasing their exposure. He said:
Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure.
He added:
A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal.
Earlier this month, Sluymer also indicated that Bitcoin’s price will take “months to repair” before another rally was seen. He stated that this was “consistent with post-bear market behaviour.” However, Ran Neu-Ner, host of CNBC’s Cryptotrader show, is more bullish.
Over the weekend, he tweeted that it was “obvious that [Bitcoin’s] about to explode” in price. He also compared its value to what it was this time last year. Then, though, the industry had the upcoming launch of the first Bitcoin futures contracts.
Yet, in Neu-Ner’s opinion, the upcoming ETF decisions by the U.S. Securities and Exchange Commission (SEC) is a bigger deal. He thinks this will boost market prices.
Of course, while market prices haven’t seen much movement lately, that’s not necessarily a bad sign. Less volatilty in the market could be a signal that the industry is starting to mature and level out.
Altcoins Remain the Same
Elsewhere, altcoin prices haven’t seen much change either.
Ether is managing to stave off XRP for second place and is currently trading at $225. Its market cap is worth $23.1 billion. Third-placed XRP is valued at $0.46, with a market cap worth $18.6 billion. Bitcoin Cash is down at $511, and Litecoin, ahead of Tether, is trading at near $58.
Over a 24-hour and seven-day period, not much movement has been seen. For now, all anyone can do is wait and see when the next bull run will take place, and how far it’ll go.
When do you think the next bull run will happen? Let us know in the comments below.
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