Are we about to see sub $3k Bitcoin?
Bitcoin dipped below $5,000 for the first time in over a year this morning, with the crypto falling more than $500 in a single day. That’s a decline of over 9%! As a whole, the crypto market also fell by more than $15 billion as the markets near another possible capitulation.
But have we yet to see the actual capitulation?
Tone Vays Predicts Sub $3k Bitcoin
Tone Vays is one of the most well known cryptocurrency analysts in the online world and one of few to call a drop below $6,000 earlier this year.
While many are quick to criticize Vays, it must be respected that he knows how to read a chart. What’s more, Tone Vays has been a lot more accurate than most and continues to make sense at a time when most analysts seem to be clammering for what to say next.
It’s true, YouTube is not the gospel and it’s hard to know what channels deserve attention or recognition. But as already pointed out, Vays has a lot more credibility, as does Hyperwave and Tyler Jenks.
Interestingly, Hyperwave predicted that once Bitcoin dropped below the $6,000 support, we are heading to $1,300 before the bear market is over. As it turns out, Tone believes that the most likely bottom is around $3,000, and he only gives $1,300 a 30% probability.
At the same time, how many times have buyers waited for a price point, only for Bitcoin to go the opposite way?
Will We See Sub $3k Bitcoin?
At of the time of writing this post, the price of Bitcoin is teetering on the $5k level.
Writers Disclosure: I am not a financial analyst. The above article was written based on views and opinions on Trading View. Derek Cullen is a freelance cryptocurrency writer who creates interesting content for small businesses. You can hire Derek to write for your website here on Deadly Content.