Bitcoin (BTC) has no doubt experienced a change in trend from 2018’s bear market woes as it’s already up nearly 45% from it’s bottoming price around $3,200 in December 2018 and is currently trading at roughly $5,800.
While it’s not 100% confirmed that we’ve entered a bull market, it’s looking more and more likely that we will not revisit December’s lows, meaning that the time to be accumulating Bitcoin is now, especially during every pullback Bitcoin gets.
Bitcoin (BTC) is Still in the Accumulation Phase
According to a report from Bloomberg on May 3, leading Fundstrat analyst Robert Sluymer says that Bitcoin’s current strength marks the start of a longer-term bullish trend but is likely to receive pullbacks first as the accumulation phase is not yet over.
Explaining his strategy, Sluymer said:
“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance.”
Therefore, Sluymer is anticipating some volatility in the short term before breaching the critical $6,000 level and starting a bull run in the second half of 2019.
With this in mind, Sluymer added:
“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing.”
Final Thoughts
In agreeance with Sluymer’s bullish longer-term outlook is his fellow Fundstrat executive, Tom Lee, who, as previously reported by IIB, revealed that he was positive about Bitcoin’s outlook for the rest of the year and believes it will surpass historic all-time highs above $20,000 in 2020.
Not only are these Fundstrat analysts bullish on Bitcoin, but countless other notable individuals believe Bitcoin’s bottom is in, including Galaxy Digital CEO Mike Novogratz, prominent cryptoanalyst Willy Woo, and MustStopMurad, and many many others.
Do you think Bitcoin has bottomed and we are in the accumulation phase? How long will we have to accumulate before the true bull run begins? Let us know what you think in the comment section below.
