In his most recent market analysis, veteran commentator and trading guru Tone Vays described the BTC/USD pair’s additional $4000 trend as a way to “punish traders with excessive leverage.
“I still think this is a scare; I still think the environment right now is excessively bearish,” he said as part of a YouTube broadcast analyzing hourly price behavior.
Bitcoin’s price began to recover earlier this week after falling to a low of $4,150 on Monday, taking most of altcoins with it.
Volatility occurred at the back of a controversial altcoin fork in Bitcoin Cash (BCH), while on Wednesday, Intercontinental Exchange announced that the launch of trading in regulated physical Bitcoin futures would be delayed by more than a month.
“People are really, really scared,” Vays continued, pointing out that investors seemed worried about spending a lot of time in the crypto currency.
“I’m optimistic until I see the price drop below $4,100.
In the mid-term period, BTC/USD produced new lows of $4,125 before an abrupt rebound saw the pair maintain support at $4,200.
In the future, Vays’ image remains less optimistic, with a probably more bullish break ending in $5,500. The bear market, he said, continues
On the other hand, the Twitter commentator appeared divided between the hope of a resurgence of luck in the medium term and concern about the decline this week.
BTCC co-founder Bobby Lee led the support, offering a price forecast based on the arguably doubtful metric that BTC/USD will outnumber its followers. On November 22, this meant $80,000.
“Short-term prices are volatile, but in the medium and long term, we will make it!
At the time of publication, Bitcoin was around $4,285, posting daily losses of 6%. Bitcoin Cash, once again, led the altcoin downfall, losing close to 13% as it clings to $200 support.