Tone Vays, former Wall Street Risk Analyst and Bitcoin enthusiast/influencer, spoke about the bear market and how Bitcoin is performing and gave his opinion on probable outcomes for Bitcoin in the near future.
Vays referred to the monthly chart of Bitcoin said that this was the worst that Bitcoin has ever seen ever since the start of 2018.
Furthermore, Vays said that there was a chance for the monthly RSI to reach and possibly cross the 30-line, referring to an oversold market for Bitcoin.
“That would mean a sub $1000 Bitcoin or a $1,000 Bitcoin for a year, like $1,200 over a year, that’s what it would take to get the RSI to be below 30”
In the live stream, Vays said that he disagrees with Tom Lee’s valuation of Bitcoin which is in the range of $13,000 – $14,000.
“I just saw links to an article about Tom Lee today morning telling you that Bitcoin’s valuation is still above like $15,000. I couldn’t disagree more. I think Bitcoin’s current valuation at best $5,000 and I could be a little over-optimistic on that.”
According to Tom Lee, the fair price of Bitcoin should lie between $13,800 and $14,800 and if the Bitcoin wallet users approach 7% of the total number of users of Visa, which is at a massive $4.5 billion, then the fair price of a Bitcoin would be $150,000.
Fundstrat’s Tom Lee said:
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”
Apart from his fair price prediction, Lee recently slashed his year-end prediction for Bitcoin from a prior $25,000 to $15,000 because Bitcoin had fallen below the break-even point.
There was a huge uproar in the community about Tom Lee’s opinion which led many prominent people to talk about it, and mostly disagree with it.
Nouriel Roubini tweeted in reply to Tom Lee’s fair price for Bitcoin asking people to “keep digging deeper in that cesspool”.
Kevin Marek replied to Nouriel Roubini saying:
“What is your actual argument against protocols that enable value transfer online in a trust less manner? Calling things shitcoins makes you look much less like an economist and more uneducated with every post.”
Another user, CryptoRev added:
When will you stop regretting your decision of not investing in Bitcoin at 1 usd?
You still have chance to invest in Btc else we will see your post in 2020
“Bitcoin down 35% in a week trading at 135000 Usd told these crypto traders to stay away”
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Bitcoin’s [BTC] current performance shows that it is a great diversifying asset, says Morgan Creek’s CIO
The phenomenal rise in Bitcoin’s [BTC] price has excited the cryptocurrency market, with many speculating that the end of the prolonged bear market is near. Many proponents in the cryptocurrency space have also voiced their opinion about how positive fluctuations in the world of digital assets have actually enabled them to outperform the best of the S&P market.
In a recent interview on CNBC’s Fast Money, Mark Yusko, Chief Investment Officer at Morgan Creek Digital Capital, spoke about the rippling effects of the cryptocurrency market and the implications of Bitcoin’s current run. Brian Kelly, CNBC’s famous Bitcoin bull, further added that he hoped people would put their money on Bitcoin. To this, Yusko replied,
“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than a 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”
Morgan Creek’s CIO further opined that BTC is a great diversifying asset and that it should be in everybody’s cryptocurrency portfolio. He added that at the end of 2018, many analysts thought that 2019 would be the year when BTC would see a lot of bear bounces. However, the world’s largest cryptocurrency managed to beat expectations. Another argument that he laid out for BTC’s longevity was the predicted credit crisis in 2020, a market shift that is expected to cripple mainstream banking systems.
Despite the coin’s present performance, the ‘king coin’ was hit with some negative news recently after the latest Binance research report hinted at ‘disruption with trading pairs,’ as BTC pairs lost 38.9 percent of its market share. The research stated that out of all the trading pairs, USDT saw the largest net inflow, with a total increase slightly below $1 billion.
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