Last October, Tone Vays, the former Wall Street trader and current crypto figure, made headlines after announcing his first trade of the year when Bitcoin was priced at roughly $6,400: a 5x leveraged short position for March 2019 expiry with a price target of $5,000.
After the successful trade, Vays has yet again gone public with a new outlook and updated price target for Bitcoin. In a recent episode of On The Record, Vays spoke with Murad Mahmudov on all things crypto, revealing that he’s 85% certain that Bitcoin has not yet made a true bottom.
In fact, Vays believes that there’s a 40% chance that the true bottom will be between $1-2K and that there is a 10% chance that Bitcoin will go under $1,000. Based on the discussion, it seems that Vays agrees many altcoins are still far too expensive for the bear market to be over. This includes names like Ethereum (ETH), EOS, Cardano (ADA), XRP and Bitcoin Cash (BCH).
On the other end of the spectrum, Vays predicts that the crypto market will not see all-time highs again, including Bitcoin to $20K, likely until 2020. That means that he sees the next two years as a choppy trading environment.
— Astatine (@Astattine) January 3, 2019
You can find a rough summary of the entire discussion in a recent tweet by Astatine.
Note: Edits were made to better reflect Tone Vay’s current take on the market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.