Tone Vays: "There's no magic price that turns a bear trend to a bull trend"

10 Apr, 2019
by Richard Allen
Opinion
Tone Vays: There's no magic price that turns a bear trend to a bull trend

Bitcoin's recent price hike rejuvenated interest in the crypto market, with many calling an end to the prolonged crypto winter. However, some, like veteran trader Tone Vays have taken a cautiously optimistic approach to Bitcoin’s renewed vigor.

In a recent tweet, Vays stated that despite what many argue, “There is NO magic price that turns a bear trend to a bull trend.” Instead, he argues it's more “about how Bitcoin gets to a price,” rather than the price itself.

Vays argues that Bitcoin’s trend and the overarching market are more important than price increases or the breaking of resistance levels. Price surges don’t mean anything if there isn’t a fundamental, market-changing reason for it.

Vays continued, stating that he can see two potential scenarios if the market trend continues. The first being Bitcoin reaching $8,000 and bottoming out at $3,000. The other scenario is if Bitcoin reaches $10,000 without having bottomed out is more important than having breached the mark.

Since the April 1 price swing, market analysts and traders have been sharing their opinions on the market. Recently, Ikigai CEO, Travis Kling stated that Bitcoin breaching $5,000 “put the nail in the coffin for new lows,” believing “a retest is now highly unlikely.”

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Read more: Travis Kling: Bitcoin's rally to $5,000 is “nail in the coffin” for bears

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