Litecoin is the year’s best-performing major cap crypto. | Source: Shutterstock
By CCN Markets: Independent research firm Fundstrat Global Advisors has great news for litecoin and bitcoin enthusiasts. Technical analysis carried out by the firm indicates that most of the cryptocurrencies are set to go on a bull run, and investors should start buying them.
Noted bitcoin analyst is telling you to buy, once again
Fundstrat technical analyst Rob Sluymer believes that there’s potential for more gains in cryptocurrencies.
According to Sluymer’s research note (via Bloomberg):
Another upside attempt appears to be developing for most cryptocurrencies. Increase exposure.
We expect Bitcoin to stage another rally from current levels toward next resistance between $8,800-$9,000.
When Sluymer says buy bitcoin, one should pay attention as he has a reliable track record of calling out the price of the cryptocurrency. He had successfully called the bitcoin crash of late 2018 when it was trading at a price of around $5,500. He then issued a note at the beginning of May this year in which he said that bitcoin price is all set to take off thanks to bullish long-term technical trends.
That indeed happened. Sluymer’s note was out on May 2 when bitcoin was trading at just under $5,400. Clearly, Sluymer’s bitcoin price prediction was spot on as the cryptocurrency zoomed higher.
According to Bloomberg, Sluymer’s note says that the “relative-strength-index momentum has begun to turn upward from neutral, which is consistent with strong trending markets.” He believes that this is an early indicator of an upswing in prices of cryptocurrencies such as bitcoin.