Tone Vays, a Bitcoin enthusiast/influencer, and a trader recently spoke about the brutal bear market currently engulfing all of the crypto-ecosystem. He also said that this bear market might extend until the summer of 2019.
In the CNBC interview, Tone Vays said that he had predicted Bitcoin bottoming below the $5,000 range in mid-January. He continued:
“I’m actually not that happy and this is one of those instances where I wish I was wrong because I remain a hodler of Bitcoin and I’m holding on to my Bitcoin through the bear market, but I still think there’s gonna be a little more pain before it’s all over.”
Referring to his earlier prediction, Vays said that there is a high probability that Bitcoin could stoop lower than $4,000 which he referred to as his higher low. He added that his lower low prediction for Bitcoin lies at $1,300 area.
According to Vays, Bitcoin could rally from the $4,200 area and reach the $6,000 area, but he confirmed that the rally to $10,000 would be a bit of a stretch and that he doesn’t see it happening. Vays added:
“I can certainly see the price bouncing from this $4,200 area all the way up to $6,000, the area of the breakdown, but I still think we will see prices in the low $3,000s before the bear market fully ends sometime next year”
Tone Vays substantiated his statements saying that unlike a lot of traders he doesn’t forget to account both time and price into his predictions. Furthermore, he added that the time plays a very important role and that he had three price targets for Bitcoin at $5,000, $3,000 and $1,500.
Just like his price targets, Vays said that he had time targets for Bitcoin which extended from late October, all the way to the end of summer next year. He continued:
“The bear market would have ended right now if the price would have fallen all the way to 1500 but the price is holding up fairly. Now, I’m expecting the bear market to last until through the winter and into the spring. I think the best-case scenario at this point is a bottom around $3,000 in the spring and if that doesn’t work out, then the bear market could last all the way into late summer.”
Bitcoin is currently hanging at $4,300 price range and has tanked by a total of ~22% in the past week. The 24-hour trading volume of Bitcoin is holding at $5 billion, while the market cap has fallen from $111 billion to a mere $75 billion. The overall market cap of cryptocurrencies, in general, was $200 billion shy of reaching $1 trillion but it is currently at $140 billion due to the brutal bear market.
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