Bitcoin News: Tone Vays, a trader, a Bitcoin enthusiast and influencer, thinks the current brutal bear market could extend until the summer of 2019. In addition, he predicts that the bitcoin could hit below $1,500, in his lower low prediction.
In an interview with CNBC, Vays claims that he has had predicted that Bitcoin will bottom below the $5,000 range in mid-January. He added:
“I’m actually not that happy and this is one of those instances where I wish I was wrong because I remain a hodler of Bitcoin and I’m holding on to my Bitcoin through the bear market, but I still think there’s gonna be a little more pain before it’s all over.”
Vays elaborated that Bitcoin going below $4000 mark is a high probability, he referred this as his higher low and the lower low he predicts is the $1,300 area. According to him, BTC could rally from the $4,200 zone to the $6,000 zone, though the $10,000 zone seems to be a far stretch and he doesn’t see that happening. Vays added:
“I can certainly see the price bouncing from this $4,200 area all the way up to $6,000, the area of the breakdown, but I still think we will see prices in the low $3,000s before the bear market fully ends sometime next year”
Backing his predictions, Vays gave three price targets for Bitcoin at $5,000, $3,000 and $1,500. In addition, the time targets he devotes for Bitcoin, extended from late October, all the way to the end of summer next year. He continued:
“The bear market would have ended right now if the price would have fallen all the way to 1500 but the price is holding up fairly. Now, I’m expecting the bear market to last until through the winter and into the spring. I think the best-case scenario at this point is a bottom around $3,000 in the spring and if that doesn’t work out, then the bear market could last all the way into late summer.”
The overall cryptocurrency market has suddenly a taken a nose dive, the Black Friday saw Bitcoin, Ethereum and other coins at the year’s lowest. Notably, the year-end bullish predictions around the token have also been revised by the best of crypto enthusiasts. Recently, Tom Lee shifted his Bitcoin price prediction from $25,000 Down To $15,000.