Veteran Trader Wall Tone Vays claims that Bitcoin's price has bottomed out, and he is backing investors to buy at the moment for long-term plans.
Tone Vays confirms its optimism
With Bitcoin and many other cryptocurrencies, joining the market at a time of bottom is extremely great, even though investors may face challenges with quite large volatility.
This analyst believes that this is the right time to be able to make a buy. He said in a tweet:
It's hard to say if #Bitcoin bottomed, but the way we bounced off $ 3,850 is very promising. This is how markets bottom but NOTHING about this $ BTC 2yr Bear Market has been standard.
Ex: These capitulations 'usually' drive price to NEW lows but we stayed above $ 3,150. pic.twitter.com/zD3FT1reeD
– Tone Vays – TheFinancialSummit.com (@ToneVays) March 13, 2020
"It's hard to say if Bitcoin is completely at the bottom or not, but the probability we bounce from $ 3,850 is quite large. Digging out of the market may pull us to a new bottom level, but it will definitely be above $ 3,150. "
After the price crashed on Thursday, there was a great deal of surfing in the market. Unlike previous discounts, this decline is due to a global event. Many cryptocurrency supporters believe that prices could plunge lower. Even Mr. Vays acknowledged this, but insisted there was enough data to support a positive outlook.
Most analysts believe the rally will come as a surprise, as many investment products often bounce back from a deep decline. In the case of cryptocurrencies, this phenomenon is too common. Therefore, strong fluctuations in the coming days may occur.
The next Monday morning is an exciting day, when the way the traditional financial markets react will determine the price of cryptocurrencies. If the market can recover, cryptocurrencies will naturally take the next leap.
Bitcoin's plunge redefines the “investment intelligence”
This crash is a nightmare for those who surf. Specifically, those who placed long positions with margin have suffered huge losses.
For investors who choose to simply buy and hold, the price drop is tragic, but they continue to keep their coins. They will only really be considered a loss if they officially sell all the coins. In essence, Bitcoin and other currencies still increased sharply compared to a year ago. As many analysts point out that coin accumulation will continue to be strong even at high price levels.
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According to Coin68 / Bitcoinist