Bitcoin Price Prediction: BTC Drop Below $2,800 Is Unlikely
The crypto market looks promising today with the most important coins trading in the green, and Bitcoin is no exception.
At the moment of writing this article, the most important coin in the crypto market is priced at $6,647.19.
Bitcoin will note drop below $2,800
Tone Vays is one of the most cautious crypto analysts out there, and he just said that Bitcoin would not drop below $2,800.
During a new episode of Trading Bitcoin, Vays said that he’s now certain that Bitcoin bottomed back in December 2018, and this will not happen again.
On March 13th, BTC dropped to $3,700, and he believes that this was the final pullback that he was waiting for all this time.
As per the online publication the Daily Hodl, he said that it would have been worse if BitMEX hadn’t experienced a system crash in the midst of the freefall.
“While I thought that $2,800 was possible coming off of June, I don’t think it’s likely anymore,” Vays said.
He continued and explained that “if BitMEX did not go down, we probably would have hit $2,800 and maybe even lower. It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated. But right now, I am under the assumption that the low is in. I believe the low is very likely in. I’m not expecting lower than $2,800. It can happen, but I’m not expecting it. It should have happened by now.”
Bitcoin halving will support the price of the coin
Bitcoin‘s halving is scheduled to take place during the next month and this is reportedly supposed to support the price of Bitcoin, according to Vays.
He said that Bitcoin wouldn’t fall to $2,800 after the halving, and if such a thing were to happen, it should happen now, which is out of the question.
If you’re wondering what feedback he received, someone said: “Tone, I normally don’t agree with your outlook, but I must say you provide one of your better videos here. I can see the excitement in your face with this potentially beautiful ascending triangle.”
Another YouTube posted this: “Until banks start shutting down/causing people in 1st world countries great difficulty in accessing their money to pay for living expenses, Bitcoin will be a slave to SPX and COVID-19 on the macro.”
We recommend that you check out the video above in order to learn what more he had to say.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.