Strategist who predicted Bitcoin rout says it’s a buy

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

Sluymer warned in midNovember, when Bitcoin was trading around $5,500, that the asset had suffered “significant technical damage” that could take months to repair. Over the next several weeks, Bitcoin slid to as low as $3,136.04. In February, Sluymer cautioned that the technical position in the crypto space was still weak. Bitcoin didn’t recover the $5,000 level until early April.

Fundstrat was an early mover in analysing cryptocurrencies and developed its own indexes.