According to a technical analysis by a Fundstrat strategist, the cryptocurrency market is set for renewed price gains. Per a Bloomberg report on June 13, 2019, Litecoin could also continue its positive start to the year as its halving inches closer, creating further hype which could push its price even higher.
Improving Technicals Could Mean New $9k Assault for Bitcoin
Rob Sluymer, Fundstrat’s Technical Strategist, believes bitcoin might be poised for another push towards the $9,000 price mark. Such a move would signal an end to the current decline that has characterized the last fortnight in the market.
In a note to the company’s clients, Sluymer opined:
“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.”
According to Sluymer, recent improvements in the bitcoin relative strength index (RSI) could be indicative of another upward price movement for the top-ranked crypto.
Fresh off from the massive gains earned in May 2019, BTC slipped 10% in the first week of June. The last time BTC experienced such a significant weekly decline was back in December 2018 when it set a yearly low of $3,100.
Litecoin is even outperforming bitcoin in 2019 due most likely to the hype surrounding the halving, set to occur in later in the year. The 3rd-ranked crypto altcoin by market cap has gained more than 350% since the start of 2019.
Tom Lee: Crypto Spring Underway
Speaking at the CryptoCompare Digital Asset Summit in London, Tom Lee told attendees that the crypto winter was indeed over.
This sentiment earlier reiterates the Fundstrat co-founder’s earlier comments about the state of the market. In May 2019, Lee Tweeted:
In the tweet, Tom Lee listed 13 signs to buttress the showed that the market was getting better after a prolonged bear market. Some of the confirmations included the war of the forks between BCH and BSV back in November 2018 and the rise of Fundstrat’s Bitcoin Misery Index (BMI) above 67 since August 2015.
Another significant pointer is the virtual currency market’s recovery in the face of the allegations against the cryptocurrency exchange, Bitfinex, and stablecoin, Tether, by the New York Attorney General (NYAG). The NYAG accused both companies of mismanaging client funds and trying to cover up losses up to $850 million.
In February 2019, the Fundstrat co-founder opined that the year 2019 was going to be the year for positive incremental improvements in the improved cryptocurrency market. Some of the signs that showed that the industry was likely headed for a bull rally include the weakening dollar, improved fiat-to-crypto inflows, and institutional-grade custodial solutions.