Popular cryptocurrency analyst Tone Vays believes Bitcoin could still drop below $5,000 in the coming days and $3,700 was the lowest level in the current market cycle.
In the Trading Bitcoin podcast, the analyst noted the daily 50% first cryptocurrency price cut was exactly the Bitcoin “surrender” he had long been expecting.
As Vays underlines, everything speaks for that was the last “flood” of the bear market, which lasted two years”.
As early as in January, when Bitcoin exceeded $10,000, Vays said it would be a mistake to announce the bull market before the due time and the first cryptocurrency exchange rate may go both up and down. Still, he admitted Bitcoin may reach $100,000 in the long run. However, according to the analyst, the first cryptocurrency exchange rate may still decline in the near future.
Vays believes, though consider this to be a crazy thing to say, there was not enough pain on the market, not enough disappointment. ‘Do I believe Bitcoin will drop below $5,000 once again? Yes, of course, I believe,’ said the analyst.
At the same time, he thinks $3,700 was the lowest level in the current market cycle. Vays noted he will panic only if Bitcoin falls down to $1,000.
To sum up, the analyst declared the final surrender did occur, the bull market was over, and the way to the top wouldn’t be a rocket ride but more difficult than anticipated. Recently, famous cryptocurrency trader Piter Brandt warned the Bitcoin exchange rate may drop much stronger in the future, down to $1,000.