The crypto market is looking all red today, and Bitcoin is struggling above the $5,200 level, following the recent massive price crashes.
There are various predictions popping up in the crypto space these days, some more optimistic, but others pretty dark.
Wall Street trader and crypto analyst Tone Vays is also addressing Bitcoin price action these days.
Bitcoin could undergo massive pullback before a new long term bull run
Vays has been issuing warnings for months, and he was saying that Bitcoin would undergo a massive pullback before gearing up for the new long term bull run.
The truth is that in part, the past BTC fall is definitely triggered by the black swan event called the coronavirus pandemic, so this could not have been predicted.
He said back in November 2019 that Bitcoin could likely break below $7,000 before May 2020.
In his latest video about the state of the markets, Vays is warning crypto traders that Bitcoin could sink even lower, and we haven’t seen the dip yet.
“You know how I always say the pain has to be felt before the bear market ends? I’m not sure if enough pain was felt. It’s close though,” he said.
Predicting Bitcoin’s next moves on the stock market
Vays is predicting Bitcoin’s next moves on the stock market.
“The daily chart is only on a red 6. Now, in order for us to get a red 9, we would need the price of Bitcoin to fall in three days from now to fall below $4,800. I honestly think that has a chance to happen but the stock market also has to continue to have problems,” Vays said as cited by the online publication the Daily Hodl.
For those that "Bought the Dip" under $4k lock it down as #HODL. For those that missed it, I am comfortable buying it here, but also setting $BTC Limit orders at $4,550, $3,550 & my ALL IN is at $2,750-2,950!
Can't see #Bitcoin going lower for those waiting on sub $2k
— Tone Vays (#EndLockdowns) (@ToneVays) March 13, 2020
He also said that the Dow Jones Industrial Average (Dow) spiked on Friday after an announcement by US President Donald Trump, who declared the coronavirus pandemic a national emergency.
He also vowed, “to unleash the full power of the federal government.”
He also said that despite the fact that BTC could fall lower, there’s a chance that the bottom is in. Check out the video in order to learn more details.