Fundstrat Analyst Expects Bitcoin Price to Rally to $9,000

  • Alex Dovbnya
    📰 News

    📡📈A major technical indicator shows a potential upward move for the BTC price, meaning that $9,000 is a possibility👈


Fundstrat Analyst Expects Bitcoin Price to Rally to $9,000
Contents

Fundstrat’s chief technician Rob Sluymer is certain that Bitcoin will experience another upside move that will push its price back to $9,000, Bloomberg reports. Altcoins, which usually mimic BTC’s price action, will also follow suit.

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Bitcoin’s recent surge

As reported by U.Today, the BTC price surged past the $8,200 mark on June 12, thus finally breaking above its two-week resistance level.

That was preceded by another minor price uptick that proved to be crucial for Bitcoin since it had put the bearish narrative to rest.

Many analysts were baffled by Bitcoin’s strong price action given that technical indicator would show a different picture, but one should keep in mind TA doesn’t necessarily apply to such a nascent asset class as cryptocurrencies.

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RSI is turning bullish

Now, according to Sluymer, there is “early evidence” of new potential gains since the Relative Strength Index (RSI), which compares bullish and bearish momentum of the asset’s price, signals another rally for Bitcoin.

We expect Bitcoin to stage another rally from current levels toward next resistance between $8,800-$9,000,” he claims.

Earlier, Fundstrat boss Tom Lee predicted that Bitcoin could skyrocket to $40,000.      

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Buying Litecoin dips

Sluymer also pointed out Litecoin’s strong price action. The analyst states that investors could capitalize on its upcoming pullbacks ahead of the halvening event.

LTC is currently down 2.68 percent after recently recording its highest price in more than a year.

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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
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Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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