Cryptocurrency trading analyst Tone Vays says bitcoin “likely” bottomed at $3700 following its collapse in price earlier in the month.
Vays, speaking in the latest episode of his Trading Bitcoin YouTube series on Mar. 29, says bitcoin likely found its bottom on Mar. 12 during the BitMEX crash which saw the liquidation of more than $1.4 billion in crypto.
Vays reiterated that bitcoin’s logical bottom should have been at 20% of its 2019 high, which would drop the price as low as $2,800. He said bitcoin could undergo another dip before May’s block reward halving without a long-term impact in price outlook, despite the market being up more than 70% since Mar. 12’s low.
The trading analyst also gave his opinion that a dip below $3,700 was unlikely at this point, saying,
I don’t think it’s likely anymore. Because I think this incident, this event earlier this month was close enough $2,800 that I’m no longer expecting $2,800.
Ironically, Vays speculated the BitMEX crash may have prevented bitcoin’s price from dipping to $2,800, albeit transiently.
If BitMEX did not go down, we probably would have $2,800 and maybe even lower. It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated, but right now, I’m under the assumption that the low is in.
Featured Image Credit: Photo via Pixabay.