Tone Vays Comments on the Duration of the Prolonged Crypto Winter: There’s No Telling If Its Over Yet
- Tone Vays remains bearish about the near term outlook of the most popular digital asset
- He considers there is no evidence that the bear market is over
Tone Vays, the former Wall Street executive and cryptocurrency analyst believes that there is a chance the crypto bear market is not over. He said that during an interview with CoinTelegraph on June 10.
Bitcoin (BTC) has been in a bear trend in 2018 and the digital asset lost more than 80% of its value since its all-time high.
Vays Considers There Is No Evidence The Crypto Bear Tred Ended
After several weeks of users that were very excited about Bitcoin reaching the highest price in 8 months ($9,000), the price of the virtual currency dropped down to $7,600 a few days ago.
Nonetheless, he said that he does not trust this price increase to $9,000 since he has not observed “too much external money coming into the space.” Indeed, there were some theories that say that Bitcoin surged after a massive buy order of $100 million.
Vays considers that the bear market was supported by internal capital and that if they get scared again in the near future, the market could drop once again. Despite this, he said that everyone should own some Bitcoin.
In addition to it, Vays considered that Bitcoin was going to fall below $2,000 before the 2024 halving. Bitcoin halves every 210,000 blocks, approximately four years. Every time that happens, miners receive half of the Bitcoins they received before. The next time Bitcoin is going to be halving is in May 2020 when miners will receive 6.25 BTC per block rather than 12.5 BTC as they receive now.
At the moment, Bitcoin is being traded around $7,900 and it has a market capitalization of $140 billion. In the last 24 hours, the digital asset fell 0.74%. Other digital assets such as Litecoin (LTC) are expanding over 6% during the same period of time.
Thomas Lee, the co-founder of Fundstrat Global Advisors, said that if Bitcoin surges to $10,000 the virtual currency could directly move towards $40,000 in the coming months.