There may be worse yet to come, argues Tone Veys, as he argues that Bitcoin might now bounce back properly until later next year…
by Manoj Sharma for CNR
A Bitcoin influencer and trader, Tone Vays, has voiced his views in a recent interview that the current brutal bear market could extend until 2019 summer. He also predicted that the price of the most popular cryptocurrency could even fall below $1500 before the run is out.
All this came out in a piece with CNBC, where Vays claims that he had predicted the value of Bitcoin would bottom below the $5,000 range in mid-January.
He states “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 going to be a little more pain before it’s all over.”
Tone explained that Bitcoin hitting below $4,000 mark is highly probable – and briefly this happened over the weekend – and referred this as his higher low, while predicting the lower low of $1300. He added his view though that BTC could rally from $4,200 to $6,000. He also gave three price targets for Bitcoin within the time frame of late October to the end of summer next year.
“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”, he argued.
“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”.
We wait and see just whether those predictions come to light…