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Tone Vays: Bitcoin has bottomed out, but is still likely to drop below $ 5,000

Analyst Tone Vays: Bitcoin price will drop to $ 1,300

Bitcoin (BTC) is likely to bottom out when it drops to $ 3,700 this week, but it is likely to drop below $ 5,000 again, Tone Vays stated.

In the latest episode of the YouTube series Trading Bitcoin On March 13, the veteran trader described it as a turbulent week for Bitcoin, which saw a peak decline of up to 60% on the day, just as the market surrender he had been waiting for. wait.

Vays: “All signs point to the ultimate surrender.”

Share a new video on Twitter, he said:

“All signs suggest that this is the last surrender of the bear market for 2 years.”

With the inherent prudence of Bitcoin's price action, Vays sounded a warning bell about the potential weakness of the BTC / USD pair in January, at which point he warned that Bitcoin could witness the Larger losses before corona virus outbreak.

Vays argues that despite the traders' nightmare trading week, Bitcoin's pullback on Friday will not be the last off.

“It's crazy like I said, I don't think that was enough pain and enough frustration,” he declared.

Bitcoin 1 day price chart. Source: Coin360
Bitcoin 1 day price chart. Source: Coin360

50% BTC can return below $ 5,000

According to Vays, there is a 50% chance that the price of Bitcoin will once again fall below the level of $ 5,000, with the level at the time he made a comment of $ 5,700:

"Do we still see prices drop below $ 5,000 again? The answer is yes.”

By contrast, the chances that the BTC / USD pair have bottomed out this week are much higher – around 90%. Vays will only “panic” if the market hits $ 1,000, he added:

Regarding the future, his message is very simple:

“The last surrender has happened, the bear market has ended, but the way back will be tougher than people think.”

As Toiyeubitcoin reported, Bitcoin's sell-off shock has surprised most traders and analysts. However, an industry expert soon realized that. In January of this year, Andreas Antonopoulos – a speaker and educator on blockchain / cryptocurrency argued that a major incident with Bitcoin was the initial result of global concerns about the economic downturn.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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