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The sudden rise of Bitcoin (BTC) prices and the stimulus it produced to the crypto ecosystem has caused los of traders and analysts to be quite enthusiastic. Many claim that Bitcoin has bottomed out, and that it is very likely that the next significant trend will be towards higher prices.
However, amid this collective euphoria, Tone Vays, a well-known Bitcoin trader and influencer is quite unenthusiastic, suggesting that this rise is only a momentary phenomenon.Mr. Vays said in an interview for YouTube channel Ivan on Tech:
Right now that we have reached 5k, I’m trying to find the right opportunity to try to short the market once again because I do think we are going lower. I am still a bear in this market, and I still think that sub 3 thousand dollar prices are more likely than above ten thousand dollars at this point in time
Tone Vays has been a controversial person in the world of crypto, especially in the Bitcoin ecosystem. Despite being quite bearish, he also strongly supports the technology, defending Bitcoin in several debates and conferences.
Vays explained that during 2018, he set up three danger zones. Of these, the price of 1.3k per Bitcoin is not his expectation, but instead it is an extreme prediction. However, he explained that it is entirely possible ro reach All-time lows. Mr. Vays believes that the bearish market is not over yet:
“My worst case scenario target is $1,300. It doesn’t mean that Bitcoin has to get there, but to me, $1,300 has been a realistic target for over a year, and it remains a realistic target
Mr. Vays shared that during the 2018 bear market, he had 3 “warning zones,” 5k as the most optimistic, 3k as an intermediate zone and 1.3 k as the worst thing that could happen. He also explained that he does not believe that BTC will reach levels below 1k.
Currently Bitcoin has been stable around 5k for the whole week, fluctuating in an area bounded by 4.7 and 5.1k; however, long-term charts show an unusually high RSI, which can generate certain alerts to a possible mass sale in a few days. The situation is still too complex to make predictions with a certain level of confidence, But it is important no not that right now BTC is at a price zone that has not been experienced since last year:
Full interview available here:
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