Fundstrat’s Robert Slyumer: Bitcoin Must Rally Through $6,300

[bbc.reporter]

I reckon this is Fundstrat's delicate way of admitting that our man Tom Lee is wrong and this is our new prediction. The bullish appears to be now bearish, should we start to anticipate for the price to go down lower? How low?

I hope Tom Lee is ok hehe.



Speaking on CNBC yesterday, Fundstrat’s Robert Slyumer has given his opinion on the BTC charts. He believes that the current Bitcoin downtrend can only be reversed if the coin creates a short-term break, through the $6,300 mark.

The Bitcoin analyst studied the Bitcoin 15-day moving average charts from May and said:

“It really is a no-man’s land from a trading standpoint. I think if you’re a very short-term trader… we have a critical stop level at the $5,800-6000… with a resistance level of $6,300-6400. If it can rally through that, I think there’s a chance Bitcoin could start to turn.”

Tom Lee’s prediction that Bitcoin will reach $25,000 this year will be a tough rally for the coin in Slyumer’s opinion: “At this point, we’re just seeing recovery rallies back to the 15-day, back to the downtrend, and it’s failing.”


Read in full https://cryptocurrencynews.com/Bitcoin-downtrend

[pooya87]

you can never predict bitcoin with things like moving average and all the rest. and when it is at times like this (when price is unexpectedly going down and mostly because of dumps and the lack of buy support since the money has fled the market) you definitely can't predict the price.
and that resistance level he is mentioning seems more like a joke to me. $6300-$6400 has no significance and the recoveries of bitcoin never happen like this. you will see a jump of at least $1000 if that happens, which i don't think can happen anymore.

I hope Tom Lee is ok hehe.

LOL

[samcrypto]

Really hard to hit $25k for bitcoin if you only base at the current trend, prediction might be too much but it still possible. Hopefully bitcoin can sustain its level beyond the support level or else the market will continue to dump. Let's see this in the 3rd quarter to confirm if its still possible to make a new all time high, or make a new all year low.

[bbc.reporter]

@pooya87. Yes, I reckon market analysis is more art than science. But sometimes you may never know. The analysts can make the right decision in the most decisive time hehe.

In any case, I am watching bitcoin and $6300.

[reactorjuno]

25k$?

Well I would love to believe that since last year Bitcoin was below 3k$ in June and reached 19k$ in December. However, the trend is totally different now. So I don't buy that prediction, Bitcoin will have a hard time to break 10k$ again.

[LFC_Bitcoin]

25k$?

Well I would love to believe that since last year Bitcoin was below 3k$ in June and reached 19k$ in December. However, the trend is totally different now. So I don't buy that prediction, Bitcoin will have a hard time to break 10k$ again.

Utter rubbish

[cellard]

Call me when we stay comfortable above $10,000, anything but that will keep me thinking we aren't on a proper trend reversal, just short sighted pumps that will end up collapsing again, but stop being sad about that and use your brain: that is where you accumulate tokens. We need to shed out all the idiots that came in December because they heard on the news how this bitcoin thing was going to the moon, they are the ones that bursted the bubble. They will now think "bitcoin is dead" and this is where we buy again, to get a new ATH and a new higher bottom, and this will continue happening until organic stabilization of the price happens at around $1,000,000 within the next decade(s). Remember that most people simply aren't biologically wired to think long term, they will not make it.

[richardsNY]

Fundstrat or Fundrat?

It's quite annoying how these dudes try to act like they know how things go, and then blatantly adjust their view on the market based on the changed flow. Yesterday I saw another video featuring BitMEX CEO stating that he still stands by his prediction of $50,000 for this year, but it's based on hot air. At least he's not changing his views, which is positive on its own. That dude however doesn't care about the price at all, and he even admitted that. BitMEX makes the most money out of a fluctuating market, the price is no factor....

[reactorjuno]

Utter rubbish

Very convincing post, thanks for contributing.

[Lucius]

Nothing new from Fundstrat, just a another person with some new "wisdom" that BTC must do something just because he think like that, based on 15 day studies - imagine if he studied BTC for 30 days

Regarding Tom Lee’s prediction, even if in this moment that 25k $ seems very elusive we should all remember that exactly a year ago price was only 2400 $, and by end of the year reached its peak at 20k $. I do not know can we see something like that this year, but if a new one pump happens, then it will be much easier to reach 25k $ then 20k $ last year.

[ask]

I see a hard resistance around 6800 usd. if it passes 6800 than its a rally to above 20000usd and this will be a fast rally
also hashrate drop is important for me

[Baofeng]

Nothing new from Fundstrat, just a another person with some new "wisdom" that BTC must do something just because he think like that, based on 15 day studies - imagine if he studied BTC for 30 days

Regarding Tom Lee’s prediction, even if in this moment that 25k $ seems very elusive we should all remember that exactly a year ago price was only 2400 $, and by end of the year reached its peak at 20k $. I do not know can we see something like that this year, but if a new one pump happens, then it will be much easier to reach 25k $ then 20k $ last year.

Well Tom Lee's very bullish predictions seems to be off the mark since he started to open his mouth specially during the bearish trend and no amount of influence really swayed investors to pour their money plus their confidence in the market. For me, to be really safe, $10k will be a good gauge to see that. However, its around April or May that we see the price almost touch it, but then again it started to free fall again. Looks like though we have broken the $6300 mental barrier, but the question is, can it be sustained or just another bull trap in the making?

[bbc.reporter]

A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

[pooya87]

A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

i personally have nothing against bull/bear "predictions" but as long as they are reasonable and are more of a speculation rather than a guesswork with random words. for example when the $10k price is resisting and we are already 50% down from the ATH and there is no reason for the drop to happen and then some idiots comes out and says "bitcoin is a bubble" that makes me mad. the same thing is true now when some idiot comes out and says price is going to $50k by the end of the year (less than 6 months) out of nowhere and without any valid speculation.

is it the bottom? it certainly looks like it with the strong buy support at $6k, the market attitude towards this price, the psychology about this price including the thing about miners and their profit, and the fact that this is 70% below ATH. if you believe FUD can change the market then you also have to believe that believing in things like 70% drop, repetition of history, ... are also changing the market.

[bitcoinisbest]

A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

6300$ is already achieved and hope so we are in the bull run which may begin soon. May be it was almost near the bottom out at 5800$ and many investors have got the btc at that rate and hope they do not sell now else due to short profit the market can crash again.

[tomahawk9]

LOL I find it hella funny how they (Fundstrat) no longer want Tom Lee to talk about the btc price  the guy earned a reputation of being extremely bullish, perhaps too much even though there was an obvious bearish trend surrounding the market. To our new guy, Robert Slyumer: with great power comes great responsibility (:

6300$ is already achieved and hope so we are in the bull run which may begin soon.

We need to consolidate around the current prices for a few more days, it's too early to say if this is actually a recovery. Bull run? we won't see a bull run in a very long time.

[jseverson]

Lmao would you look at that.

I am in no way saying that $25k isn't possible because it seems everything is in crypto, but it's always funny when "experts" go back on their predictions. Man I can't wait for McAfee! I mean, I know they only say what they say for money or exposure or both, but I still find it oddly satisfying.

[berrygood]

''Bitcoin is going to be $30.000'' this is not a long term prediction at all this is why people can easily argue about that. If you say it will be $300K by 2024 no one can talk about it they are like traders so make wrong predictions.

[wuvdoll]

Really hard to hit $25k for bitcoin if you only base at the current trend, prediction might be too much but it still possible. Hopefully bitcoin can sustain its level beyond the support level or else the market will continue to dump. Let's see this in the 3rd quarter to confirm if its still possible to make a new all time high, or make a new all year low.

That is the problem with these so called guys who think they can just predict the market based on assumption. Nothing works that way and all they are doing is gambling to see if what they ended up saying would end up right so they can say they told you so. Nothing is predictable in this market and so far, we are still in a huge downtrend, no matter how crazy the market shows some break out, and unless the bulls are set to do some pretty good job in convincing smart moneys, I do not see much volume coming into this market.

[bbc.reporter]

A behavior I am noticing during bitcoin's all time high is comments in the forum do not believe and hate to read about bear predictions. Today, comments that are bull predictions are criticized and trolled. Is bitcoin in its most possible bottom for the year?

i personally have nothing against bull/bear "predictions" but as long as they are reasonable and are more of a speculation rather than a guesswork with random words. for example when the $10k price is resisting and we are already 50% down from the ATH and there is no reason for the drop to happen and then some idiots comes out and says "bitcoin is a bubble" that makes me mad. the same thing is true now when some idiot comes out and says price is going to $50k by the end of the year (less than 6 months) out of nowhere and without any valid speculation.

is it the bottom? it certainly looks like it with the strong buy support at $6k, the market attitude towards this price, the psychology about this price including the thing about miners and their profit, and the fact that this is 70% below ATH. if you believe FUD can change the market then you also have to believe that believing in things like 70% drop, repetition of history, ... are also changing the market.

Funny observation. When the price is on its very top, all bear warnings that this is the top, it will reverse anytime are criticized. Then on the opposite side, we might be on the bottom because all bull encouragements to buy now are also criticized hehe.

We only know as much as those fund managers we criticize.