Tone Vays, former Wall Street Risk Analyst and Bitcoin enthusiast/influencer, spoke about the bear market and how Bitcoin is performing and gave his opinion on probable outcomes for Bitcoin in the near future.
Vays referred to the monthly chart of Bitcoin said that this was the worst that Bitcoin has ever seen ever since the start of 2018.
Furthermore, Vays said that there was a chance for the monthly RSI to reach and possibly cross the 30-line, referring to an oversold market for Bitcoin.
“That would mean a sub $1000 Bitcoin or a $1,000 Bitcoin for a year, like $1,200 over a year, that’s what it would take to get the RSI to be below 30”
In the live stream, Vays said that he disagrees with Tom Lee’s valuation of Bitcoin which is in the range of $13,000 – $14,000.
“I just saw links to an article about Tom Lee today morning telling you that Bitcoin’s valuation is still above like $15,000. I couldn’t disagree more. I think Bitcoin’s current valuation at best $5,000 and I could be a little over-optimistic on that.”
According to Tom Lee, the fair price of Bitcoin should lie between $13,800 and $14,800 and if the Bitcoin wallet users approach 7% of the total number of users of Visa, which is at a massive $4.5 billion, then the fair price of a Bitcoin would be $150,000.
Fundstrat’s Tom Lee said:
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”
Apart from his fair price prediction, Lee recently slashed his year-end prediction for Bitcoin from a prior $25,000 to $15,000 because Bitcoin had fallen below the break-even point.
There was a huge uproar in the community about Tom Lee’s opinion which led many prominent people to talk about it, and mostly disagree with it.
Nouriel Roubini tweeted in reply to Tom Lee’s fair price for Bitcoin asking people to “keep digging deeper in that cesspool”.
Kevin Marek replied to Nouriel Roubini saying:
“What is your actual argument against protocols that enable value transfer online in a trust less manner? Calling things shitcoins makes you look much less like an economist and more uneducated with every post.”
Another user, CryptoRev added:
When will you stop regretting your decision of not investing in Bitcoin at 1 usd?
You still have chance to invest in Btc else we will see your post in 2020
“Bitcoin down 35% in a week trading at 135000 Usd told these crypto traders to stay away”
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