There are still a lot of genuine concerns over the future of the Bitcoin price. Considering that the first half of 2018 has been anything but positive, more bearish pressure can be expected. Fundstrat strategist Robert Sluymer, however, is confident that the worst is behind us and that Bitcoin has bottomed out.
WHAT’S NEXT FOR BITCOIN?
Compared to late 2017, the current Bitcoin price is almost too cheap to pass up. That is not necessarily how most people feel about the world’s leading cryptocurrency right now, though, as there is still plenty of panic in the market these days. Some industry experts are confident the situation will improve from here on out. Fundstrat strategist Robert Sluymer, for example, has been actively monitoring the Bitcoin price for some time now. According to his research, the bearish pressure will come to an end fairly soon and the Bitcoin price will recover from here on out.
His research is primarily based on technical analysis. To a lot of people, TA is just magic and wizardry which only works if enough people draw similar conclusions and influence the market in such a way. Others swear by it, yet it remains important to keep one’s expectations in check first and foremost. Technical analysis is a valuable tool, but it’s far from reliable in a lot of cases.
Even so, it appears Bitcoin broke a negative trend in April of this year. Up until that point, there had been nothing but Bitcoin price declines to take note of. It is not how most people wanted to see the Bitcoin price evolve, but it does appear that most of the negative momentum has come to an end. Even so, there have been a few downward moves pushing the Bitcoin price back down, which took some traders by surprise.
While those dips may not necessarily have been predicted, it seems Sluymer’s overall analysis is still in place as of right now. We’re seeing another uptrend materializing at this time, which can only be considered a good thing. The bigger question is whether or not there will be a long-term growth spurt for Bitcoin. All of these short-term changes are ultimately irrelevant.
One also has to keep in mind that cryptocurrency is about so much more than just Bitcoin. Various altcoins are trying to decouple themselves from the Bitcoin market these days, although doing so is far easier said than done, for rather obvious reasons. The remainder of 2018 will undoubtedly be very interesting, although there are still no guarantees of any major profits by year’s end.