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Bitcoin [BTC]: The market is going to correct itself and correct itself hard, claims Tone Vays

Akash Anand

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Bitcoin [BTC]: The market is going to correct itself and correct itself hard, claims Tone Vays
Source: Pixabay

The latest person to talk about Bitcoin’s rise above the $8000 mark was Tone Vays, a popular cryptocurrency analyst.

Speaking to BlockTV at Consensus 2019, Vays stated that he was completely lost in the currency market scenario as he had no idea what was causing the stellar rise in prices. He claimed,



“It has been an unprecedented run for Bitcoin and the rest of the market. The same thing had happened at the end of the bear run in 2015 but everything that is going on here is not right. I thought that Bitcoin would rise from its $4000 mark to $5100 and then fall slowly but seeing it go up till $8400 is just baffling.”

According to Vays, the reasons for the bull run are very unclear since there are no new players entering the space, while at the same time the money in the industry is the same that was pumped earlier and not a new stream of income. He even feared that the market was about to correct and “correct hard.”  In his words,

“The market right now is in a parabolic uptrend and the scary part is that there was no single catalyst. This rise might actually lead to big things with added effects. I have a feeling that something is definitely going with Tether because USDT was on a 30 percent discount which meant that BTC should have been at a 30 percent discount too, which it obviously wasn’t.”

Tone Vays also pointed out another anomaly, which was BTC’s price being more on Bitstamp than Bitfinex. He even admitted that he would like to take two weeks off because of the turmoil the market was in. Vays was also in the news recently after he said that BTC prices are likely to go higher since consolidation was witnessed at a high. He backed this point by stating that “absolutely nothing fundamentally changed in Bitcoin recently.”





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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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