Bitcoin’s price recently saw a massive surge past the $5,000 threshold, sparking conversation in the crypto community that the market was finally clearing the bearish trends that have plagued them for well over a year. The last time that Bitcoin even saw this price level was in November last year, spurring predictions from analysts and experts. While many evaluations lauded the spike as a sign that another rally is to come, Tone Vays is taking a different path.
Vays, a major influence in the Bitcoin community, recently attended a Bitcoin Q&A in Philadelphia, commenting that this is just a bull trap. He commented that he expected Bitcoin to reach $5,100 as a result of passing the $5,000 price level. However, if the coin manages to fall below $4,950 as a support level, it will be a difficult time. For Vays, passing the $5,200 mark is the next big barrier to overcome. If Bitcoin can reach that point, it will be looking at more of a bullish movement for the market.
During this meetup, one of the questions posed to Vays was whether a massive whale purchase could have been responsible for the bull run. He said that this possibility was highly unlikely. He also corrected the question, saying that a two-day run is hardly enough credibility to call the experience “bullish.” He added that, in the event that a “major whale purchase” created such a scenario, there would be no way for the long-term activity of Bitcoin to be “sustainable” at that level.
Towards the end of the discussion, Vays said that a major economic event could be good for Bitcoin, given that it does not stimulate a financial catastrophe.
LIVE at Top of the Hour at 8pm ET, from Philly Meetup to talk $BTCUSD Price, #Bitcoin trends & Q&A… my 3rd time here, should be good, Still not to late to come down to "The Market Tavern"https://t.co/uQqLYF93R0
— Tone Vays [#UnderstandBit] (@ToneVays) April 13, 2019