Well-known cryptocurrency trader and analyst Tone Vays drew parallel between the current situation with bitcoin price and the similar market scenario that took place back in 2014, while reiterating his “most optimistic” bear target below $5 000.
Last Sunday, the expert, who has produced multiple warnings about a bear market for the leading cryptocurrency in previous months, posted a tweet containing bitcoin market technical analysis:
Unlike many other traders who blame Coinrail hack for the latest bitcoin price meltdown, Tone Vays believes that it was just a minor factor compared to bitcoin itelf repeating its behaviour after it hit previous highs in late 2013.
“Not just price, but relative strength index (RSI), moving average convergence/divergence (MACD), and Stochastics confirm the trend and put the (Bitcoin) outlook identical to late (August) 2014,” – he wrote.
The opinion concerning the likeliness of bitcoin price falling below $5 000 for the first time since October 2017 has been replicated by numerous media sources, including Bloomberg and The Wall Street Journal. This flow of publications had triggered mass sell-offs. As for Vays, he assumed that a further “halving” of prices would see the same reaction:
“Just wait a month or two, if BTC is half the price it is now, you will hear all of that again.”
Crypto enthusiast John McAfee, who has recently announced his intention to run for US presidency in 2020, urged bitcoin community to remain calm and seize the opportunity to buy bitcoins at their low.