By Nina Kikava - News - 4 weeks ago

Fundstrat Analyst Comments on Bitcoin Breakdown

According to the Bloomberg report, published on November 15, Fundstrat Global Advisors analyst comments on the breakdown of Bitcoin stating that it will take weeks, if not months to repair the technical damage that was caused by the breakdown of Bitcoin.

As the Bloomberg states, Rob Sluymer thinks that Bitcoins dipping down yesterday is the reason why crypto markets became “deeply oversold” areas. He also said that after the damage that this whole story about Bitcoin caused will be overcome, that is when Bitcoin will be able to support a “multi-month rally”:

“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”

Soichiro Tsutsumi, a trader at eWarrant Japan Securities K.K., also commented on recent events, stating that the loss of $6,000 supports is a very dangerous thing for the industry players.

Earlier this month, Michael Novogratz, the CEO of Galaxy Digital, stated that in order for Bitcoin to hit the price of $8,800-9,000 by the end of the year, it needs to “take out $6,800”. He also believes that in 2019, Bitcoin could even hit the price of $20,000 or even more.

There are more companies that suffered from the crypto market being so volatile. For example, after the breakdown of the crypto market was announced, it caused a decline in the shares of Japanese SBI Holdings and Monex Group. As the Bloomberg reports, both companies suffered a drop of more than 2%.

According to BNG report, published yesterday, the largest cryptocurrency Bitcoin went down to the $5,600 price point. It was the first time that Bitcoin hit this low after October 2017.