The cryptocurrency market is on the uptrend since last week. This weekend alone, Bitcoin touched its 18-month all-time high, breaking the $11,000 mark two times before slightly pulling back to $10800.
The surprising price increase of Bitcoin coupled with the sudden growth of other notable altcoins are baffling to some analysts for the fact that the upsurge could not be directly linked to any weighty events.
Since the time Bitcoin crossed the $6,000 mark, derives analyst and Trader Tone Vays has been skeptic on the growth of Bitcoin, claiming a pullback is imminent. When the Bitcoin crossed the $8000 mark, to $10,000 and then to $11000, the story did not change.
While conversing with on a programme on Bloxlive.TV with Jessica Walker on the present market situation, Tone Vays remained adamant that the price of Bitcoin will definitely pull back by at least 40 to 50 percent.
Speaking from New Hampshire, Tone Vay, said he did not believe institutional buying or Facebook joining the cryptocurrency space caused the present growth.
He said: “I don’t have a single catalyst that caused it (Bitcoin bull run). Bitcoin did fall really hard and really fast from $6,000 to $3000. I expected a rebound to the upside. I did not expect the rebound to last this long and go this high.”
Tone, said he remained waiting for a pullback of 30 to 40% to declare the end of the bear market. The derivatives trader is expecting the pull back, saying if it does not happen, the present upsurge will end like the bull run of 2018, where Bitcoin surged to $20,000 before falling drastically.
“Otherwise Bitcoin will continue to rise unabated to the upside, form another bubble,” he said.
He added that “people would not be very happy of how the bubble ends the way they weren’t happy of how the previous bubble ended”.
Meanwhile, Peter Brandt, an octogenarian trader with over 40 years’ experience has hinted that Bitcoin is aiming $100,000, claiming that the digital asset is at present experiencing its 4th parabolic phase in history.
At the time of writing, Bitcoin is trading around $10,926 with 2 percent price increase in the last 24 hours. It seems, Bitcoin and Tron are the most favoured top 10 coins for now with 2 percent and 4 percent growth respectively.
Bitcoin dominance is very close to 60 percent with a market cap of $194 billion and a 24hr trade volume of $21 billion.