Fundstrat analyst: Bitcoin price may take several months to recover

Bitcoin and stock prices recovered after Trump launched a $ 1 trillion bailout to deal with Covid-19

According to Rob Sluymer, a researcher at market analysis firm Fundstrat Global Advisors, Bitcoin can take a long way to recover.

Like Bloomberg reporting On March 20, Sluymer said that Bitcoin's price action has been severely damaged by the recent decline. He wrote:

“The incident last week of cryptocurrencies reflected the panic 'getting me out of everything' - which dominates all sorts of assets, whether they are on guard (bonds and gold) or not ( stock). (...) Bitcoin has set lower highs and lower lows, leaving a long record of being compromised, potentially vulnerable. ”

However, Sluymer acknowledges that Bitcoin is still above the 200-week moving average, which he believes will provide long-term support for most assets. He also pointed out that this main index works well for Bitcoin in both 2015 and 2018, he added:

“For now, technically, whether Bitcoin has bottomed out or not is still an uncertain problem, but we recognize that it will take months of consolidation to repair existing technical losses. ”

Bitcoin has strong buying pressure below $ 5,000

Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said there was a huge buying pressure on Bitcoin below $ 5,000, suggesting that the seller was out of breath.

“At this price, it is likely that miners will not be profitable and we have seen the hashrate decrease. They better stop mining and just need to buy Bitcoin at such a price to get what they want. ”

As the current halving of Bitcoin approaches, Ayyar expects the price of Bitcoin to reach $ 6,500 again before stabilizing in the range of $ 3,000 to $ 6,000 until the next bull run ends:

"This is a classic redistribution and it will be very healthy for Bitcoin's price action in the future, and if it has motivation to raise prices in the future."

At the time of writing, Bitcoin price broke the $ 6,500 level to trade at $ 6,700 - up nearly 20% in the past 24 hours.

A change in expectations of Bitcoin investors

While the recent decline in the cryptocurrency market has led some to lose confidence in Bitcoin, the subsequent rebound shows that optimism has returned. Raoul Pal, founder and CEO of Global Macro Investor, recently expressed extreme optimism with Bitcoin after the asset recovered 80% in just a week.

As Toiyeubitcoin reported, Italy's Banco Sella has also launched a Bitcoin trading service for over 1.2 million customers.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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