Tone Vays Abandons Bearish Outlook, Says Bitcoin Has Bottomed Out

Tone Vays Abandons Bearish Outlook, Says Bitcoin Has Bottomed Out

The former Wall Street trader and risk analyst Tone Vays is known to hold a cautious stance towards crypto. However, he is now reversing course, and says that he is turning bullish on the outlook for the premier cryptocurrency.

Vays is turning bullish on Bitcoin

This news came in a fresh episode of the Trading Bitcoin series. Specifically, Vays states that although he has had a bearish outlook on Bitcoin for months, he now believes it’s reversing. In fact, Vays suggests that Bitcoin reached its bottom back in December of 2018.

Vays’ comments come as Bitcoin is rebounding from the recent market downturn. Less than a month ago, on March 13th, the price of Bitcoin came crashing down to a low of $3,700. However, this brief decline does not faze Vays – who adds that he no longer believes a fall to $2,800 would be possible:

“While I thought that $2,800 was possible coming off of June, I don’t think it’s likely anymore. Because I think this incident earlier this month was close enough to $2,800 that I’m no longer expecting $2,800. So if I’m not expecting $2,800, I’m obviously not expecting $1,000 or $1,300 or $1,500.”

Bitcoin will not fall further, according to Vays

However, Vays does note that he thinks the March 13th market crash could have been even worse, if not for a system crash at the cryptocurrency exchange BitMEX. Vays says that if this system crash did not take place, it is possible the price of Bitcoin could have fallen to $2,800.

“And like a lot of people said, if BitMEX did not go down, we probably would have hit $2,800 and maybe even lower. It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated.”

A few weeks ago, Tone Vays said that a $2,800 Bitcoin price before the 2020 Bitcoin halving “does not scare him”. However, he now suggest he does no longer believe that Bitcoin will plummet to those lows:

 “But right now, I am under the assumption that the low is in. I believe the low is very likely in. I’m not expecting lower than $2,800. It can happen, but I’m not expecting it. It should have happened by now.”

Additionally, Vays believes that the upcoming Bitcoin halving will push the premier cryptocurrency’s price to new heights. As such, Vays’ suggests we may be out of the “danger zone” for a drastic price downturn to $2,800.

“I’m certainly not going to expect $2,800 after the halving. And the halving is only two months away. We’re already at the end of March. The halving is going to be in the middle of May. So two months away. If it’s going to happen, it needs to happen now. And I don’t think it’s going to happen.”