Cryptocurrency markets could before long hit lower lows and proceed with their record bear market, investment and analysis firm Fundstrat Global Advisors warned in an email quoted by Bloomberg on Feb. 6.
Keeping in touch with traders, one strategist at the firm, Robert Sluymer, forecast that based on current performance, there was an opportunity Bitcoin (BTC) and altcoin price could plunge further.
Too bad it has to be 1987… https://t.co/JGdOEs3sLt
— Thomas Lee (@fundstrat) February 7, 2019
BTC/USD has fallen around 2.2 percent over the past week to trade at $3,370 as of press time Thursday, as many altcoins have seen bigger drops. Sluymer said:
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.”
— topmarketgroup.com (@topmarketgroup) February 6, 2019
Fundstrat is known inside the cryptocurrency space for giving a portion of the more upcoming stories on the eventual future of Bitcoin specifically. Enthusiasm appeared to wane in recent months, however, with famous senior Fundstrat strategist Tom Lee announcing he would no longer make public predictions about BTC/USD as in December 2018.
All the privacy coins have suffered from "infiinite counterfeit" bugs. These kinds of bugs seem endemic to these coins.https://t.co/pFu45PFs39
— Emin Gün Sirer (@el33th4xor) February 5, 2019
Bloomberg cited him as telling clients at the time, regardless adding he thought Bitcoin’s fair value should be worth $150,000.
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Let's meet us at Blockchain Economy Istanbul Summit on 20th Feb 2019.@fundstrat @Ist_Blockchain pic.twitter.com/0A6XIptw4t
— The Crypto Updates (@TheCryptoUpdat1) February 4, 2019
Confidence in an expansive market resurgence in 2019 stays patchy among other real proponents. While John McAfee has scandalously stuck by his $1 million expectation for one year from now, cryptocurrency exchange Quoine’s CEO he supposes Bitcoin will break its record-breaking highs of $20,000 within the next eleven months.