Bitcoin Price Rejects $7K but Tone Vays Says 75% Chance BTC Bottomed | Not Going Below $3,800
The Bitcoin price has a maximum 15% chance of falling below $3,800 if current BTC price levels continue, says popular Crypto trader Tone Vays as BTC nears $7,000.
In a YouTube update on March 24, an increasingly bullish Vays updated his outlook for BTC/USD. He argued that at around $6,750, the pair was sitting at resistance.
Break above $6,800 and Bitcoin (BTC) would all but eliminate the likelihood of dipping to new lows under $3,800 — only a 15% chance would remain.
“Going above $6,800 would maybe give me 85% confidence we’re not going to go below this — and we’re almost there, we’ve almost broken it; we’re sitting at resistance,” he said.
“Right now, I believe there’s a 20-25% chance we’re going to go below $3,800.”
Vays had previously sounded the alarm about a potential Bitcoin collapse to as low as $2,000 before May’s block reward halving.
Now, however, he told traders that it was foolish to avoid entering the market in the hope of catching the next dip. He continued:
“That still means that you can’t wait; you can’t wait for another pullback to $3,500 — you should be in Bitcoin by now.”
As Trump Talks Trillions, Binance CEO Predicts $2T Bitcoin Market Cap
After United States President Donald Trump first mooted a $1 trillion stimulus package for the U.S. economy in the wake of the coronavirus outbreak, people were shocked at what seemed like a gargantuan amount.
As Cointelegraph reported a few days later on March 25, a bipartisan deal has been agreed for twice that figure and it suddenly seems far more tangible. Binance CEO Changpeng Zhao even tweeted that the new financial dialogue meant a $2 trillion market cap for Bitcoin could be considered “modest”.
“As we get used to talk about Trillions, a modest $2 trillion market cap of bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right? As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.”