An analysis conducted by the investment company Fundstrat Global Advisors shows that the cryptocurrency market could reach new lows that are even lower than the current position and reach a record point in the longest bear market in history and we are about to find out more what the company’s email meant in today’s altcoin news.
While writing to traders, the company sent out emails with the warning how the altcoins are still vulnerable. Company strategists Robert Sluymer predicted that based on the current performance, Bitcoin and other cryptocurrencies could sink even further. BTC/USD pair has dropped more than 2 percent in the past week as other altcoins see major drops as well. Sluymer said:
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.”
Fundstrat is one of the companies known on the crypto market that provides some of the better narratives on the future of Bitcoin but for other cryptocurrencies as well. The popular Fundstrat strategist Tom Lee previously announced that he would no longer make public predictions about the price of Bitcoin back in December 2018.
Tom Lee was quoted saying:
“We are tired of people asking us about target prices.’’
However, he did add that the fair value of the number one cryptocurrency should be worth about $150,000.
Other major proponents have also predicted that the price of bitcoin could reach some incredible sums such as John McAfee who predicted that Bitcoin could reach up to $1 million next year and that the coin is expected to skyrocket this year reaching up to $20,000.
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