Bitcoin a buy says strategist who called late-2018 breakdown

SINGAPORE: Bitcoin is in the middle of a sustained recovery and investors should use recent weakness to buy more, according to Fundstrat technical strategist Robert Sluymer. The largest cryptocurrency climbed to its highest since November on Friday.

“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance,” Sluymer wrote in a note on 2 May. He sees Bitcoin’s rebound from its 200-week moving average and breakout from its first-quarter trading range as “the early stage of a longer-term recovery developing.”

Bitcoin advanced as much as 5.9% to $5,724.57 and pared its gain to 4.9% as of 10:10 am in London, according to Bloomberg composite pricing. The 55% jump in 2019 has helped pull rival tokens higher. Ether is up 26%, and Litecoin has soared more than two-fold.