Bitcoin [BTC] and the altcoin market: Price speculation, utility tokens and more

On 24th August, in a discussion about Bitcoin and altcoins, two crypto-influencers, Ran Neuner and Tone Vays spoke about Bitcoin price, speculating its new lows in the bear market. Vays also shared his viewpoint on utility tokens and whether or not they are headed towards their end.

Neuner recalled his last conversation with Vays where the Bitcoin maximalist predicted the price of Bitcoin to hit as low as $3,000. Here, Vays shared his current opinion and speculation saying that he was a proponent of the bear market during the latter half of January. Subsequently, he stated that, at the time, his optimistic target was $5,000 and the pessimistic target was as deep as $1,300.  He added:

“My most optimistic time in the bear market was late October, early November. My most pessimistic time period in the bear market was going to be August of next year. So I’m actually still waiting for my $4975… or $5,000 to round off number. It keeps trying to get there but then it keeps bouncing back because shorts get over-leveraged and they get squeezed.”

The CryptoTrader host also asked Vays’s stance on altcoins and the end of utility tokens. He stated that Bitcoin is down by 60% but some of the coins in the altcoin market are down by 95%.

Here, Vays said that if the Bitcoin market continues to be bearish, the altcoin market might reach its termination point. He also explained, through his own experience with friends and family that people are beginning to lose out on a lot in these markets.

“I have so many friends of mine that didn’t listen to me and were making big money trading on these alt coins, trading on these ICOs, buying them in and I talk to them in private and they’re all like yeah I’m stuck in this position, I’m stuck with all these ICOs and all these altcoins, I’m now down so much I might as well wait.”

Furthermore, Vays related this mentality in people with their inability to recognize the right time to get out of the market. According to him, the end of these tokens is not yet clear and it is hard to draw any speculations on the subject. He also stated that Bitcoin could get stuck in a bear market for a fair amount of time.

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