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!

READ  Increased volume in OTC bitcoin trading, powered by Skype

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.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here