According to Tom Lee of Fundstrat, the cryptocurrency’s current robust performance is evidence of its resiliency. He advised investors to maintain an overweight position in the asset. But, Katie Stockton of Fairlead Strategies is holding off on being bullish about Bitcoin until there are more indications of support over the $25,000 mark.
“A breakout would require consecutive weekly ‘closes’ above resistance and would complete a basing phase in a bullish long-term development. The next resistance is a nearby zone of $27,300 to $28,200. We would await confirmation before assuming a more bullish bias,” says Stockton.
According to Sean Farrell, head of digital assets at Fundstrat, the growing link between Bitcoin and gold suggests that some investors may be considering Bitcoin as an alternative investment.