The popular crypto analyst Tone Vays predicted that Bitcoin would see an adverse move before a bullish cycle can be confirmed. He said that Bitcoin price would fall by more than 13% from the current price. This move will take place before the king coin can rise again.
At the moment of writing this article, BTC is trading in the red, and the king coin $17,194.
Bitcoin price prediction is revealed
“I still think there is a decent probability of one more capitulation, down into sub-$15,000 range.”
Bitcoin is trading at $17,154 at time of writing.
The veteran crypto trader said that his short-term bearish sentiment stems from the idea that Bitcoin stayed too long in a range after plunging to two-year lows in November. He said that this is atypical behavior when the price of an asset has bottomed out.
“The main reason why I believe that is because we spent way too much time at the lows of $16,000.”
He continued and said this:
“The way markets bottom usually is you only get a few hours to buy the perfect low. You don’t get a week to think about buying the perfect low.”
He also stated the following:
“You either get very little amount of time to buy the perfect low, or it spends so much time at the perfect low that people don’t believe it is a low. This is why I am still very concerned of one more capitulation down.”
Bitcoin in El Salvador
El Salvador as a nation became a sort of Bitcoin “maximalist” through its President a while ago. You probably remember that not too long ago, it’s been revealed that the nation is doubling down on its bet on cryptos even in the midst of a bear market.
The first country to declare Bitcoin as legal tender is now working on a Digital Asset Issuance Law. It’s important to note the fact that this would facilitate operations with any crypto asset.