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Bitcoin [BTC]: Tone Vays speculates that bear market is not over while Adam Back claims ‘good things’ occurred during bear run

Akash Anand



Bitcoin [BTC]: Tone Vays speculates that bear market is not over while Adam Back claims 'good things' occurred during bear run
Source: Pixabay

Bitcoin’s volatility and price surge had grabbed major headlines over the past week as it also started a bullish spread throughout the cryptocurrency market. In a recent interview with Bloxlive, Tone Vays and Adam Back spoke about the price hike as well as the trends in the crypto space.

Vays, who is a famous trader and Bitcoin bull, stated that it is great Bitcoin went up in value and that he had wanted the world’s largest cryptocurrency to reach this point since the end of 2018. He went on to say:

“For me, $5100 was the target so I conducted a couple of long trades and exited them. But in my opinion, I think the bull run is coming to an end. The bear market, on the other hand, has not ended and that’s why I am dealing with shorted Bitcoin right now.”

According to the trader, a lot of people are becoming bullish in the industry which “looks like a bull trap”. He also added that users shouldn’t expect Bitcoin’s price to go up much further and that the days ahead might be rough in terms of price. Tone Vays clamped down on the fact that “the Bitcoin bottom has not arrived”.

The panel discussion also included Adam Back, the founder of Blockstream who opined that he was interested in the long term trends of Bitcoin rather than the sudden peaks. In his words:

“Generally people have a long term outlook about Bitcoin, it is a perspective that I am looking at too. The good thing about the bear market is that people were able to focus on building the fundamentals with hundreds of experts and academics working to improve the Bitcoin ecosystem. Things like the Blockstream satellite service and the Lightning Network were some of the major accomplishments during the past couple of months.”

Adam Back was also in the news recently when Blockstream satellite had released an update to make it more flexible and efficient. He had then tweeted:

“This new @blockstream satellite code release broadcasts transactions before blocks, using compact blocks and a newer version of FIBRE. (transactions first was a commonly asked for #blockstreamsatellite feature). using compact blocks also reduces block transfer latency by >10x”

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