Popular trader Tone Vays has said that the recent Bitcoin crash to $3,700 was probably its lowest point especially since the king coin has rebounded strongly from the crash.
According to Vays, this means that his previously predicted bottom for Bitcoin at $2,800 would most likely be discarded.
Vays had said before that he believes Bitcoin would bottom at $2,800, which is 20% of its highest point of 2019. However, Vays is doubling back, saying that he no longer thinks that is “likely”. Speaking during the March 29 episode of his YouTube series, Trading Bitcoin, he adds that there isn’t a significant difference between his earlier prediction and this year’s bottom.
“Because I think this incident, this event earlier this month was close enough $2,800 that I’m no longer expecting $2,800.”
He also talked about the BitMEX crash. According to him, the plunge was probably the only reason Bitcoin did not hit his earlier-predicted $2,800.
“It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated, but right now, I’m under the assumption that the low is in.”
Vays had recently said that he sees a 20% to 25% chance of Bitcoin plunging again, below $3,800.
As the upcoming halving is anticipated, any further crash in Bitcoin could quite easily be corrected by May.
Image Credits: Pixabay
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