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Bitcoin [BTC] market is still majorly bearish, recent price hike was merely a bull trap, claims Tone Vays

Biraajmaan Tamuly



Bitcoin [BTC] market is still majorly bearish and the recent price hike was merely a bull trap, claims Tony Vays
Source: Pixabay

The Bitcoin [BTC] market recently underwent a major bullish run which propelled its valuation above the $5,000-mark for the first time since November 2018. Many analysts put down their prediction and believed that the Bitcoin bottom was reached and that it was the beginning of another major price hike.

At a recent Bitcoin Q&A meet up at Philadelphia, Tone Vays, a popular Bitcoin [BTC] influencer, said that the market was still bearish and setting up for a bull trap.

Tone Vays presented some of his analysis and explained that he had predicted Bitcoin to reach a valuation of around $5,100. He said that after the breach of the $5,000 mark, he expected Bitcoin to hit new lows.

Additionally, the analyst mentioned in his presentation that he had drawn the support at $4,950 over the next week for Bitcoin. He stated that if the coin fell below the support, the coin was looking at a difficult period in terms of financial valuation.

However, he did open the window for a bullish run and indicated that if Bitcoin crossed $5200, the forthcoming period might be more inclined towards a bullish move.

During the meetup, Vays was queried on whether the bull run was triggered by a major whale purchase. He responded that a major whale purchase was highly unlikely to cause a bull run. He also added that the run only lasted two days, which did not give it enough credibility to be termed “bullish”.

He stated,

“If the bull run was caused by a major whale purchase in the market, then it would never be sustainable in the long term.”

Lastly, Tone Vays remarked that a major economic event, which did not involve a major financial catastrophe, would be beneficial for Bitcoin.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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