Tone Vays Doesn’t Believe Bitcoin's Price Surge Is The Start of the Bull Run, Claiming It Is A Trap

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.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,547.6018 change ~ 3.64%

Coin Market Cap

$169.66 Billion

24 Hour Volume

$6.21 Billion

24 Hour VWAP

$9.32 K

24 Hour Change

$347.6096

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Coin Market Cap Price Change 24 Hour Volume
BTC $169.66B $9,547.6018 3.64% $6.21B
ETH $29.11B $273.1474 0.61% $2.16B
XRP $18.41B $0.4332 -1.49% $525.16M
LTC $8.47B $135.8730 -3.02% $938.29M
BCH $7.45B $417.1309 0.68% $213.48M
EOS $6.31B $6.8572 -0.98% $798.06M
BNB $5.16B $36.5620 2.97% $478.01M
BSV $3.97B $222.1743 -3.64% $167.45M
USDT $3.55B $1.0028 0.08% $5.39B
XLM $2.35B $0.1210 -1.79% $76.08M

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