The cryptocurrency market performed very well during the second half of this week. Bitcoin fired from $ 5500 to $ 6500, where it traded most of Friday. That is why positive predictions for Bitcoin are starting to grow.
Fundstrat Global Advisors, for example, thinks Bitcoin can calmly return to its ATH. However, it may take several months.
Fundstrat thinks ATH is still far away
Although the world markets are collapsing and economists are overtaking the worst-case scenario, Bitcoin’s predictions look relatively positive. The king of digital money behind him has strong fundamental factors, which include mainly halving, which is due in May.
However, Rob Sluymer of Fundstrat Global Advisors thinks there is still enough time to halve. The main argument shows that Bitcoin has broken through the long-standing trend that it has led since 2015. Sluymer thinks it will take several months to add up the losses caused by the new type of coronavirus.
In his report he writes:
“The crypto breakdown over the past week mirrored the ‘get me out of everything’ panic that dominated all asset classes, whether they were defensive (bonds and gold) or not (equities),” Sluymer wrote in a note Thursday. “Lower highs and lower lows are in place for Bitcoin, leaving in a compromised, potentially vulnerable longer-term profile.”