Bitcoin PriceDrops Again,
Bitcoin price dropped even further November 23, but the lows did not stop one analyst turning bullish on Bitcoin’s short-term future.
In his most recent market analysis, veteran commentator and trading guru Tone Vays described BTC/USD 00 trending further towards $4000 as “punishing over-leveraged traders.”
“I still think this is a scare; I still think the environment right now is unreasonably bearish,” he commented as part of a YouTube broadcast analyzing hourly price behavior.
Bitcoin price had begun recovering earlier this week after plunging to lows of $4150 Monday, taking the majority of altcoin assets down with them.
The volatility came on the back of a contentious hard fork by one altcoin, Bitcoin Cash, while on Wednesday, Intercontinental Exchange announced its regulated physical Bitcoin futures trading launch would be delayed by over a month.
“People are really, really scared,” Vays continued, noting investors seemed concerned about going long in cryptocurrency.
“…I am bullish until I see the price go below $4100.”
Happy #Thanksgiving to my US friends & family… but since the #Bitcoin Honey Badger Don't Care about Holidays, this is my only chance today to do a quick update on $BTCUSD price and why i'm still short term Bullish:https://t.co/EufUnOZ2rI
— Tone Vays [@Bitcoin] (@ToneVays) November 22, 2018
No End To The Bear?
In the intervening period, BTC/USD produced new lows of $4125 before an abrupt bounce saw the pair maintain support at $4200.
Going forward, the picture for Vays remains less rosy, with a likely most bullish breakout ending at $5500. The bear market, he said, continues.
Elsewhere, the Twitter commentariat appeared divided between hope for a resurgence in fortunes in the mid-term and concern at the extent of this week’s decline.
BTCC co-founder Bobby Lee led the support, offering a price forecast based on the arguably dubious metric that BTC/USD will surpass his number of followers. On November 22, this meant $80,000.
“Short term prices are volatile, but in the medium to long term, we will get there!” he added.
At press time, Bitcoin hovered around $4250, recording daily losses of 6 percent. Bitcoin Cash once again led the altcoin rout, losing close to 13 percent as it clings to $200 support.
What do you think about Tone Vays’ analysis? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter
The post Bitcoin Price Drops Again, But Tone Vays ‘Still Short-Term Bullish’ appeared first on Bitcoinist.com.