Ever since the bulls came back into the crypto market back in April, there have been a lot of positive predictions regaring the price of Bitcoin (BTC).
But now, crypto analyst Tone Vays comes to present his own theories on where the price of the most important crypto in the market is heading.
BTC could drop to $5,000
In a new post on Twitter, Vays said that BTC’s recent failure to push past the resistance at around $12,500 shows that the bears will make a massive comeback, unfortunately.
He said that he could be a buyer at around $9,000 but warned that BTC could drop as low as $5,000.
In the long term, Vays said that BTC would no longer be at the risk of going below $5,000 by the end of 2020.
It’s also important to mention that BTC’s next halving is set to take place in May 2020.
According to the Daily Hodl, Vays stated that the halving would cut the reward miners earn for powering the network.
There might not be a Trading #Bitcoin show today as I do not feel like bringing my laptop to #Bip001 conf. But $BTCUSD never went above my Resistance zone of $12,250-12,500 hence NO Bullish Trend Change. I now wait for a Buy opportunity at sub $9k or down in $5-6k
Mining could become unprofitable for 70% of miners
This could make mining unprofitable for 70% of miners and also trigger a temporary collapse in the price of BTC.
“Technically, everything is in play until the end of 2020, after that sub $5,000 is not likely. Worst Case Scenario: prices drop to $5k into the halving, then after the halving 70% of miners shut down due to negative revenue, Bitcoin spirals down in price but then rises from the dead!”
Technically, everything is in play until end of 2020, after that sub $5,000 is not likely. Worst Case Scenario: prices drop to $5k into the halving, then after halving 70% of miners shut down due to negative revenue, #Bitcoin spirals down in price but then rises from the dead!
A lot of the people in the crypto community don’t necessarily agree with Vays.
Someone responded this to his tweet: “.. to bring the price down. But also that will never happen. Not 5k nor 1k. Are you guys living in the past? Hello! Halving is near, OTC is empty, whales tried three times to pull #BTC below 10k, and that’s not bullish? So sorry for you. You should accept the loss and move on.”
Tone replied: “What loss? I have no $$$ to buy $BTC if it falls to $1k… You just don’t like my opinion on charts and project your conspiracy theory of my agenda that is in your head.”
You can check out all the responses he received on Twitter.