Bitcoin price held steady above $5000 April 9 but one trader remained cautious about trusting the cryptocurrency’s bull run would continue.
‘No Magic Price’ For Ending Bear Market
In a tweet Monday, veteran trading guru Tone Vays warned that even though Bitcoin price [coin_price] had managed to maintain support at $5000, its trajectory was more important.
There is NO magic price that turns a bear trend to a bull trend, it’s about how $BTCUSD gets to a price.
Bitcoin delivered its most successful seven days in more than a year last week, jumping from near $4100 to more than $5300. Trade volumes and network activity increased accordingly as BTC price capped a 7-week winning streak, the longest since its all-time highs in late 2017.
At the time, many expected the rise to be short lived, but as of press time, Bitcoin price remains hovering around $5200, having traded within a narrow $100 range over the past 24 hours.
Despite that stability, however, Vays implied a sudden price explosion does not form a firm foundation for longer-term strength. That argument had also appeared before, however, during the 2017 bull run that saw Bitcoin price shoot to nearly $20,000.
In December, meanwhile, Vays had warned Bitcoin could end its bear market only when price had hit $3000 or even lower – around $1300 or the all-time high seen during the previous bull cycle in 2013.
In the event, BTC/USD neared $3100 before reversing through the first quarter of 2019.
“I can see a scenario where I say: ‘I was wrong, (Bitcoin) did bottom at $3k, now that we are at $8k,’ Vays explained about his current perspective.
But I can also say: ‘I know (Bitcoin) is $10k, but I don’t think we bottomed.’
Cause For Concern?
Vays has traditionally held more conservative outlook on Bitcoin’s price health, contrasting with others who remain buoyant about a return to higher levels as soon as Q2 this year.
As Bitcoinist reported, venture capital fund Pantera Capital joined the latter group late last month, releasing a prognosis centering around the 2020 Bitcoin block reward halving as a definitive event for the price of bitcoin.
Far ahead of the halving itself, however, executives forecast a knock-effect catalyzing price growth. Based on previous halving data, they argued, bitcoin price could begin reacting this June.
More bullish still is Tim Draper, the increasingly infamous Bitcoin champion who had stuck to his mid-term forecast for BTC price hitting as much as $250,000. By 2021, Draper more recently said, “everyone” would be using the cryptocurrency for micropayments such as coffee purchases.
What do you think about the Bitcoin price outlook? Let us know in the comments below!
Images via Tradingview.com, Shutterstock