Popular cryptocurrency commentator Tone Vays believes that Bitcoin has already reached its yearly bottom when it hit $3,700. He continued his positive prediction noting that BTC might not even dip below $6,000.
Tone Vays: Bitcoin Already Bottomed
The egregious circumstances caused by the COVID-19 pandemic led to extremely high levels of volatility in all financial markets in March. Naturally, the cryptocurrency market is amongst the leaders in terms of violent fluctuations. During the most intense days of trading, Bitcoin and most altcoins plunged by up to 50% at one point.
As the primary digital asset dropped to $3,700, the community expected even more slumps. However, the situation reversed. Ever since those eventful days of 12-13th of March, Bitcoin has been regaining its value and is currently trading at above $7,000. This represents a 90% surge since the $3,700 bottom in just a few weeks.
As such, most community members are now quite optimistic regarding Bitcoin’s future. The former Wall Street trader and current cryptocurrency proponent, Tone Vays, is amongst those:
“LONG OVERDUE UPDATE: As I’ve been saying on youtube last 2 weeks -à #Bitcoin has bottomed. I would even be surprised to see $BTC under $6k at Daily Close ever again.
*Caution still advised, those going ALL IN into this speculative asset WILL get Rekt” – he tweeted.
Will The Halving Affect The Price?
The upcoming Bitcoin Halving pushes most community members to argue that BTC has indeed bottomed, and its price will only go upwards. They base their assertions mainly on history. In the months after the two previous halvings, the largest digital asset skyrocketed. Another argument comes from the fact that the event will cut the supply in half. In theory, when the supply decreases but the demand remains the same or increases, the price should go up.
However, the situation now seems somewhat different. Therefore, the “where is Bitcoin heading” bickering has two other camps. On the one hand, some believe that BTC’s price has already been priced in, and it will not move in either direction substantially.
And lastly, others envision a doomsday scenario after the Halving. They recently brought out the ongoing coronavirus crisis, which can cause serious competition amongst miners. Eventually, this could lead to severe plunges resulting in Bitcoin at $2,000 – a level not seen since 2017.
As usual, the community is quite vocal, especially when it comes down to predicting BTC’s price development. With the halving approaching in May, people get even more determined, and now there are three completely different forecasts – rise, stay calm, or drop. One of them will be correct.