Crypto analysts expressed two opposite opinions about the likely behavior of the main crypto coin in the market
Well-known crypto enthusiast Tone Vays noted the activity of institutionals, which indicates a bullish trend in the BTC market. In his new video, the trader noted that he is still positive about the first crypto coin, despite the sharp decline in its price.
According to Vays, the bitcoin market “hasn’t been taken over by the bears yet.” He is sure that this is only possible if the value of BTC falls below a certain minimum.
“I believe in higher highs and higher lows, especially in a consolidation environment. Therefore, for me to admit that there is a bear market, BTC will have to overcome the low of $28,805,” the expert said.
According to him, from a fundamental position, the main crypto coin is still in a growing trend. Vays believes that the most obvious “bullish macro signals” are the appearance of such heavyweights as MicroStrategy and Tesla in the crypto market.
Another argument in favor of growth is the adoption of BTC by El Salvador as a reserve currency and a payment instrument. The trader believes that the structure of the bitcoin market on a higher time frame will be bullish. Weiss expects the main digital currency to rise to $100,000.
“I didn’t get the impression that this was the start of a bear market. I will always bet that breaking previous highs in value will get us here ($100,000 to $100,000). I will always bet on this,” said the trader.
Crypto analyst Michael van de Poppe is confident that BTC has not yet reached the bottom, despite a serious rebound in the value of the digital coin from $32,900 to $38,900. In his opinion, it is very likely that bitcoin will be in another stage of falling, reaching the bottom and starting to rise again.
“Right now, we are entering a phase that will allow us to find the bottom of the correction. However, this will most likely require a period of accumulation and time before bitcoin can actually start a reversal,” van de Poppe noted.
What do you think, which of the cryptanalysts will be right? And why?
