- Respected cryptocurrency analyst Tone Vays says it is not time to HODL, but sell
- Bitcoin falls below $7,864.
The unprecedented Bitcoin bull run has kept a number of cryptocurrency analysts in a shut up position because some of them are lost and cannot bring long-lasting hypothesis to back the present market situation.
As it is the attitude of market observers, it is normal for every sane mind among them to question happenings in the market, and bring at least, a single hypothesis to back it up.
The presumed unavailability of a tangible hypothesis to qualify the present Bitcoin bull run has resulted in the like of Tone Vays, a crypto analyst with a daily podcast on Youtube, to question the present market situation and even suggest enthusiasts hold on and not buy at the moment.
Sell, Bitcoin Pull back underway
Toney Vays at a fireside chat with Block TV at the ongoing Consensus 2019, analysed the latest Bitcoin Moves, saying the recent action is an unprecedented run that also happened in 2016, however, he said the 2014/2015 bear market was longer, painful and dipper.
He said when Bitcoin touched $8,400, he was nervous because new buyers are not coming in. He said he has been looking for a balance since 2018 October.
Everything going on here just doesn’t feel right. I don’t know what’s going on. I don’t see new buyers coming in. everybody I asked does not really known what’s going. I Don’t see new buyers coming in, I don’t see new money coming in. It is just current money. It could be issues of Bitfinex, issue of Tether, issue of Binance.”
“I’m even selling off some of my HODL position because I think this is about to correct and correct hard,” Vays added.
While affirming that the present situation is a result of different catalysts. He said the price of Bitcoin on Bitfinex falling below the price of Bitcoin on Bitstamp makes everything weird.
While saying he’s staying out of analysis for two weeks, he enjoined those holding no Bitcoin to wait until there is a price bull back.
Bitcoin at the Market
Bitcoin is trying hard to maintain the $8,000 level, but surprisingly today, the digital asset has fallen below the level.
At the time of writing, BTC is now changing hands at $7,864 with a 2% price decrease in the last 24 hours. With a market volume of $32 million, the dominance of Bitcoin has fallen to 56.7%, as Ethereum tries to lead the market with 8% gain in the last 24 hours. This is an affirmation that the altcoins are taking over.