As Bitcoin approaches $7,000, crypto trader Tone Vays believes it has a 15% chance of falling back below $3,800. Vays made his remarks known on Youtube on Tuesday, March 24.
“Going above $6,800 would maybe give me 85% confidence we’re not going to go below this — and we’re almost there, we’ve almost broken it; we’re sitting at resistance…right now, I believe there’s a 20-25% chance we’re going to go below $3,800,” says Vays.
Vays had earlier warned traders about a potential Bitcoin crash all the way down to $2,000 sometime before the upcoming halving in May. At the moment, however, Vays is urging traders to enter the market instead of holding out for a possible plunge.
“That still means that you can’t wait; you can’t wait for another pullback to $3,500 — you should be in Bitcoin by now.”
The United States House of Reps concluded the relief funds act to help residents and businesses find some balance, as the coronavirus pandemic rages on. Recently, the federal government assured the entire financial system that it could weather the COVID-19 storm, as it prints an “infinite amount of cash” to inject into the system.
Bitcoin’s recent rise after its significantly low levels in recent times could be tied to the renewed faith in the system based on the Fed’s actions.
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