Tone Vays: 'Took the opportunity to actually exit a Bitcoin position'

03 Apr, 2019
by Jelmer van der Dussen
Bitcoin
Tone Vays: 'Took the opportunity to actually exit a Bitcoin position'

Bitcoin analyst and trader Tone Vays doesn't think the price of BTC will go much higher after the pump on Tuesday. He even sold a Bitcoin position at about $5000. 

In an interview with CoinTelegraph, Vays explains that he sold the BTC paid for tickets for the UnderstandBit conference on Malta that is happening this week. 'At the peak it was a great moment to sell some Bitcoin that you were holding', Vays said. 'We took the opportunity to actually exit the Bitcoin position close to 5000 dollars, because I don't anticipate it to go much higher. Sure you can go into a swing trade, but I think the upside here is limited and lower prices are more likely. Investers should stay calm and not jump in after a 15% move in a matter of hours.'

Read more: Bitcoin can topple $100K; XRP could grow by 3x, says analyst

Vays was eyeing this Bitcoin move for a while already. 'There isn't always a trigger. I always expected that once the price went above $4200, we would escalate very quickly to $5000. I honestly didn't expect us to break $4200 this week. I thought it would happen a couple of weeks from now after a little bit of a pull back.'

'But the market acted appropriately once $4200 was broken', Vays continues. 'Shorts were liquidated, more people jumped onto the hype. A lot of news media always look for a trigger to cause big drops and big rises, but half of the time they're just trying to match news to something that didn't necessarily needed news to happen. It's just traders, just speculation. Bitcoin is no different than any other asset.'

Bitcoin is currently trying to break $5000 again, after surpassing that mark for two times in the last 36 hours. Bitcoin Cash is the biggest winner of the pump so far, being up almost 50% and now trading for around $285.

 

Read more: 8 Altcoins outperforming Bitcoin during this cryptocurrency pump

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