Category Archives: Fundstrat Global Advisers

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Bottom Line: Use Recent Weakness to Accumulate Bitcoin, Fundstrat Technical Strategist

Bottom Line: Use Recent Weakness to Accumulate Bitcoin, Fundstrat Technical Strategist

“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance…”

A quote by Bloomberg citing a Fundstrat technical strategist Robert Sluymer who advised investors to take a chance at the current recovery prices as the flagship cryptocurrency may attain new heights come H2 of 2019, further implies Bitcoin price trend is in recovery mode.

Sluymer had previously predicted the woes Bitcoin market would experience and then take a few months to repair itself. It appears his predictions may have come through as Bitcoin dipped from USD 5,500 as at the time of the prediction in November 2018, till early April this year when prices began to show moderate signs of recovery.

Should Sluymer’s new predictions about the market healing itself over the course of the second half of 2019 tally with recent insights about massive accumulations of Bitcoin, the long-awaited bull-run might just be over the horizon of the end of the first half of 2019.

In late March, Bitcoin accumulation was reportedly heating up as unspent transaction outputs (UTXO) for Bitcoin reached an all-time high – this was when it struggled in the USD 4,100 region. However, this alongside several speculative technical and fundamental indices surrounding Bitcoin strongly suggests a bull-run in 2019 is imminent.

Although Sluymer thinks it may be too soon to dismiss prices falling below the USD 5,000 support and head to new lows of USD 4,300 region; he, however, encourages traders and investors to remain focused on the bullish developing longer-term technical profile, further suggesting:

“Bottom line: use recent weakness to accumulate.”

Earlier today, Bitcoin gained the momentum it needed to push past the USD 5,500 resistance level – brushing USD 5,800 – marking its second 2019-high since November last year. It is currently trading at USD 5,779, at press time.

Overall, cryptocurrency fundamentals may have further been strengthened with Facebook’s move to reach out to financial firms to help “launch a cryptocurrency-based payments system on the back of its gigantic social network,” reports the Wall Street Journal. WSJ thinks the initiative, if successful may be the most mainstream application of cryptocurrency yet.

 

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Wall Street Crypto Interest Continues as Fundstrat Accepts Bitcoin

Leading independent Wall Street research organization Fundstrat has announced that it is about to start accepting Bitcoin from global clients.

The trend in Wall Street currently seems split between joiners and leavers, those such as banking giant Goldman Sachs who, having listened to its client base, has demonstrated that it has seen the writing on the wall regarding cryptocurrency, and those leaving comfortable positions in banking to jump on the blockchain bandwagon wholeheartedly.

Those such as JP Morgan blockchain executives Amber Baldet who left to found her own decentralized app store and ex-vice president of Goldman Sachs who jumped ship to fire up a crypto asset management firm, both examples of the current lure of crypto and blockchain on Wall Street.

Fundstrat Global Advisers have decided to become joiners in its announcement that the firm will start accepting Bitcoin payments through Bitpay, the largest global blockchain payments provider. Reportedly, the organization is one of the few macro research firms to follow movements in the crypto environments and has decided to take the plunge. Managing Partner Thomas Lee commented on the move:

“Fundstrat found that accepting payments via BitPay is considerably simpler, faster and less expensive than bank wires… Bitcoin payments make it easier for our clients, particularly those outside the US, by offering more options to pay for our research services without having to deal with the hassles of currency translation.”

Its clients include institutional investors, wealth advisers, pension funds, and wealthy individuals requesting investment reports and profiles including cryptocurrency.

And it is not just Bitcoin that Wall Street is currently taking an increased interest in. Last month’s comments by SEC Director of Corporate Finance William Hinman that Ether wasn’t operating as a security has left its impact on New York’s financial hub, with CBoE’s president Chris Concannon declaring:

“We are pleased with the SEC’s decision to provide clarity with respect to current Ether transactions… This announcement clears a key stumbling block for Ether futures, the case for which we’ve been considering since we launched the first Bitcoin futures in December 2017.”

 

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