Rob Sluymer Of Fundstrat: Bitcoin Will Take Months To Recover

According to the analyst of the company from Wall Street, the first cryptocurrency will not be able to recover soon after falling to a new annual minimum of $5480

Bitcoin broke through a zone of long-term support with immersion in a zone of deep oversold, its price will not be able to recover soon after a fall, said Rob Sluymer, an analyst at Fundstrat Global Advisors, writes Bloomberg. The expert said that the first cryptocurrency may take weeks or even months to recover from a sharp fall to a new annual minimum of $5480.

The key support level that the specialist is talking about is at the level of $6000. In addition to digital money (the market capitalization dropped to $180 billion, although in January 2018 it exceeded $830 billion), the shares of companies associated with the blockchain industry, such as Japanese SBI Holdings and Monex Group, also fell.

Trader eWarrant Japan Securities KK Soichiro Tsutsumi stressed that the market situation is extremely unfavorable. He noted that because of this, many companies may lose customers.

“The mark of $6000, which many for a long time perceived as the bottom, broke through, this is an alarming sign. Most of all, companies whose business models are designed for a pool of customers may suffer, including due to fears that the influx of new users will cease to increase," -Tsutsumi Said

On the evening of November 14, the cost of Bitcoin began to decline sharply, the next day, in the afternoon, the average market rate of the first cryptocurrency set an annual minimum of $5480. Most digital money lost from 10-20% per day, and the XRP token climbed to second place in the list of the largest blockchain projects in terms of capitalization, ahead of Ethereum.