Fundstrat: Now Is Not the Time to Increase Bitcoin (BTC) Exposure
With Bitcoin (BTC) volatility near 17-month lows and the price trading sideways in the $6,400 to $6,600 channel, some analysts are recommending investors hold-off on increasing their exposure to BTC until a clear direction is determined.
According to MarketWatch, the market strategy firm Fundstrat Global is now changing tune from its previous bullish stance, which was often circulated by the fund’s CEO, Tom Lee, when made multiple calls for BTC to reach $20,000 as recently as August.
“Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure,” said Robert Sluymer, an analyst for the firm. “A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal.”
Currently, Bitcoin is trading at $6,634 which corresponds to a $114.7 billion market cap and a 55.1% weighting in the AltDex 100 Cryptocurrency Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.