HomeTodays NewsBitcoin [BTC] bottom to be 50% confirmed if coin consolidates to $3000 range, states Tone Vays
Bitcoin [BTC] bottom to be 50% confirmed if coin consolidates to $3000 range, states Tone Vays
May 6, 2019
In a recent video of Trading Bitcoin, Tone Vays discussed the chances of Bitcoin [BTC] bottoming with respect to price and the time cycle of cryptocurrency.
Tone Vays mentioned that he considered time cycle as an important factor in the analysis of price and indicated that he predicted the long crypto winter to end around the fourth quarter of 2018 to the first quarter of 2019. He added that since the market was volatile, he had also expected the Bitcoin [BTC] bottoming to stretch till at least the fourth quarter of 2019 to the early months of 2020 prior the Bitcoin halving.
He believed that price corrections could occur in the market due to price as well as a time period in the crypto markets and both the corrections would still be valid. Hence, he stated that if Bitcoin [BTC] would have gone below $2,000 in the 1st quarter of 2019, the possibility of Bitcoin [BTC] bottoming would have been around 80 percent.
For the current quarter, Vays predicted that if Bitcoin [BTC] drops down to near $3,000 in this time period, then there was a 50 percent chance the bottom was in.
Additionally, Vays stated, that if the price consolidated in the $3000 range between the time periods of the second quarter of 2019 to the end of the third quarter of 2019, it would mean that the price of Bitcoin had consolidated to $3000 in the last nine months. That would give out a strong indication that the Bitcoin price may have actually bottomed unless the market experiences a flash crash and the price goes even further below and reaches below $2000; which would indicate an 85 percent of the bottom being in.
The debate whether Bitcoin [BTC] has bottomed already or not had been a long speculative discussion since the start of the year. A clear picture is expected surface in the upcoming months whether the prices continue to surge or the real bottom would follow in.