Topic: [2018-03-06] FundStrat Analyst: Bitcoin at the Bottom, Recovery Very Soon (Read 172 times)

The earlier we start moving away from giving credence and popularity to people by virtue of the position they occupied in the crypto world, the better for everyone. This people will continue to say things the way the deem it fit because that is what makes them continue to be relevant and keep more money in their own pocket. I would appreciate if his comments are backed by fact by stating how and why bitcoin price will increase rather than just predictions. He should come up with facts, the increasing popularity, one major conglomerate is adopting, government somewhere is making things up, a particular largesse is about to be paid, one major university is launching its school of blockchain and series of other examples he can rely upon. When his predictions come true, I will give him the credit but not this.

He just means he expects their price to rise more (or decline less) than BTC in the near future. In other words, he's bullish on the EOS/BTC and TRX/BTC charts.


That's the nature of predictions. No one has a crystal ball. The people I've known who are successful at trading don't really make predictions. They wait for an obvious trend to appear and then they ride it.

That's actually a very funny feature of BTC. It seems to ignore the TA, especially in the recent months, and do its own thing. When most people on tradingview said it was going to keep falling it went up, so they blamed it on a sudden short squeeze and said that it was still going to go down to 6k - it didn't happen, in fact it went the opposite way and hit 10k again. Then most of them said that we are back in the bull market and going to the moon - BTC fell to 8k just a few days later...
Right now most people predict the price revisiting 8k in a few days and the return of the bull market later this year. Let's hope they're right.

Theres no point on trying out to follow those dudes who do make such claims or analysis on bitcoins price and its better to observe rather than on making actions when they are tending to say some words about run up for a particular period yet no one on this world would able to know on what would be the possible price movement even on next hour with bitcoin. Basing on fundamentals it might be consider but still not an assurance to happen.

Trust no one into this very volatile market. Anyone can make his own predictions and say it to public but the difference is that these persons are influential or known people thats why if they do say something it do really comes out to be famous or does really make some buzz.

That's what I like about this market -- it ignores everything all these self claimed analysts and experts come up with. It just shows that we as in simple BCT users, are as much as an expert or analyst as these 'professionals' are. I just watched another recent CNBC video with him as guest, and as always, this professional wrong guesser is not parting with his consistent nonsense speeches. At least, from all the guests CNBC invites, Tommy boy is pro Bitcoin and not pro BCH, which is a good thing actually. CNBC is clearly biased towards BCH, and since recently it seems that XRP has become their favorite as well. All coins with very questionable backgrounds and main characters.

he said:

 

all predictions are failing, it's not just him, but many analysts are failing in their predictions

Looks like every week we will hear about Tom's prediction that bitcoin will be having a bull run, but so far we haven't seen any of his prediction happening. But I not really surprised because they have a lot of clients now and maybe they have pitch that bitcoin will be having a significant run this year, so they have to 'influence' investors with his predictions.

But as others have said, he sounds like a broken record that I'm began to think that he is losing his credibility with his miss predictions on bitcoin market. From now one, I won't listen to him anymore and not to take him seriously.

It shouldn't be FundStrat, but more FundRat.

If someone is putting too much effort in trying to make a point, and especially in this somewhat desperate manner, then know that he actually has a hidden agenda.

This dude with his shitty fund is partly a bag holder. One part of the clients that trusted him with funds are happy (those that were early enough), where the other part, the latecomers, are now looking at a ~50% decline in value from the moment they entered. Tom doesn't give one single shit about his clients as long as he gets his commissions. If his clients tell him to sell at a 50% loss he will do it without hesitation. That's what rats do.

In General, if we analyze the charts today, it is very similar to the acceleration before the bullish growth as it was in 2017. But I'm not sure, as too many "Analysts" support bullish trend. It's suspicious. And the feeling of the bottom catches up, but not yet 100%.

Tom Lee? I don't trust that guy anymore. Anything he says make the outcome opposite. Just describe him as bullish in bitcoin and not analyst. He has no influence in the market unless he's a whale behind the curtain.

What is this, the 10th time he's repeated this forecast?

The guy is like a broken clock -- someday he'll be right, I'm sure. But it's getting hard to take him seriously. When these hedge fund megabulls finally start shutting up, maybe we'll get somewhere...

The same story is repeated from Tom Lee and Fundstrat almost on monthly basis, like they are trying to discover hot water every time and anybody can see where was the bottom and we all know that at some point price will go up again. That "a rapid Bitcoin run-up" which they expect to happen is something they can only describe with words "soon", "anytime", "near future"... Eventually this will happen one day, but in my opinion not in this part of the year. Maybe I am wrong, but before September or later that run up should not happen, it will be long hot summer on the northern hemisphere and time without much happening in crypto world.

I am taking this as a positive information mate. If the current value what we are seeing in the bottom value. Hope we could expect the more value in near future I think. We do not want other coins to go cheaper in the market so even I expect the altcoins also go bigger in the market mate.

Lets hope bitcoin to see again in its peak value in this year.

Fundstrat’s co-founder, Tom Lee, has long been known as a Bitcoin Bull in the cryptocurrency community. Robert Sluymer, Managing Director and Technical Strategist at Fundstrat seems to be joining the company’s growing group of cryptocurrency bulls.

Promising Signs for Bitcoin?
On CNBC’s “Futures Now” segment, Sluymer stated:

“We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it’s going to start a recovery process here.”

Sluymer also noted that he has a three-phase technical analysis process that allows him to try to predict future price movements of cryptocurrencies. The first phase, which is the deceleration or bottoming out of momentum indicators, may be just starting.

Sluymer pointed out that the first phase seems to be in effect when he said:

“While it is premature to conclude the correction is over, there was a positive technical development this week suggesting the first stage of a three-stage bottoming process is developing. Short-term momentum indicators are beginning to bottom.”

For the past week, Bitcoin has been hovering around the low to mid $7000s, in a low volatility state, as shown by the bottom most indicator in the chart below.

Volatility has become a key characteristic often attributed with the price of cryptocurrencies and seeing a slowdown in volatility might leave some market players in a confused state. I personally would attribute this decrease in relative volatility to the increased institutional involvement in the industry.

However, take volatility with a grain of salt in this case, as volatility levels we are currently residing at were seen just before the crypto boom of 2017.

But some have begun to believe that this is a promising sign, as they believe that Bitcoin is consolidating before the eventual retesting of ATHs.

$6500 Triple Bottom. Is it Possible?
However, Bitcoin is still over $1000 away from 2018’s low, which amounted to around $6500 back in early April. The low in April was actually a double-bottom, with Bitcoin reaching similar price levels back in February after December’s $20,000 Bitcoin. This has led some analysts who are more critical of Bitcoin’s price, to think that a triple-bottom could occur in the future.  However, even if Bitcoin was to revisit those prices levels, past indicators show that there is a large amount of support at $6500.



Despite fears of a triple-bottom at $6500, the relative strength indicator (RSI) has been trending upwards (as seen by the chart above), finding a bottom of around 30 earlier this week. This RSI indicator, which is still located in the ‘oversold’ zone, may show that Bitcoin is prepared for upwards price action.

Over the course of this year’s price drops to $6500, RSI indicators often went as low as 30, with run-ups in price and positive indicators quickly following the aforementioned price drops. If historical values and patterns are of any merit, as they often are, this means that we could see a rapid Bitcoin run-up in the near future.

However, Sluymer believes that before that Bitcoin breaking past $7800 will have to be a precursor to the run-up which many have been waiting for.

Despite the potential for Bitcoin’s short-term success, Sluymer believes that the largest cryptocurrency may lose some dominance as some players like EOS and Tron (TRX) may outperform Bitcoin in the near future. He also mentioned that other cryptocurrencies residing in the top-40, such as IOTA, 0x, and WaltonChain have shown that they may also begin to encroach on Bitcoin’s 38% market share.

But Sluymer made it clear that he is still adamant about his belief that Bitcoin, along with other cryptocurrencies, will begin to see some upward price action very shortly.

He put it best when he said:

“If you’re short we think you should be very careful and reducing your short exposure. I think if you’re looking to be long this is where you start adding here to your long exposure.”

https://www.newsbtc.com/2018/06/03/could-bitcoin-be-heading-upwards-fundstrats-sluymer-says-yes/