Bitcoin made a sharp swing below $11,500 support level from closely $13,100 few hours ago. BTC touched $11,202 before it bounced back. The digital currency by market capitalisation lost around $2,000 in a very short interval, after its usual display of high volatility.
Despite this devastating situation, Tone Vays, popular trader who earlier predicted that Bitcoin would drop down to $4,000 price level now believes that the cryptocurrency has greater probability of attaining new All Time High than swinging to its new low of $3,000.
Nobody is sure of when Bitcoin would hold its stability after a significant drop it experienced some hours ago. BTC was initially undergoing a seemingly steady growth, trading and striving to maintain prices above $13,000 support level, before the occurrence of the major price shakeup.
Lots of crypto analysts and pundits have earlier envisaged about the possibility of Bitcoin retesting $4,000 price level. However, the extent of its present correction cannot be ascertained yet.
Whether BTC has bottomed for a new recovery, or more dumps should be expected can only be a speculative discussion in the cryptocurrency space.
When Bitcoin was experiencing price uptrend, other top digital currencies such as Ripple XRP, Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and others failed to join its surging course, but have all been greatly affected in this recent dump of BTC as always.
If the claims of Peter Brandt on the slim hope of altcoins surviving has to be considered, one can definitely concur that their recent display in the market against Bitcoin price trend is a possible sign that there might be no Alt season, but no digital currency can be underestimated in the crypto market.
What Actually Caused the Great Dump?
There was a big transaction of about 96,000 BTC which is approximately $1 Billion over the last 24 hours. The transfer was reportedly carried out in Binance exchange. This was envisaged as the cause of the major price shake up in the market.
See more at https://t.co/6AFFM1D63p
— TokenAnalyst (@thetokenanalyst) July 11, 2019
Binance later claimed that the transaction was within its exchange (wallet to wallet transfer). Howbeit, such huge transfer could only favour or disfavour the market. At the time of filing this report, Bitcoin is trading at $11,623.83, with 10.7% price plummet in the last 24 hours.
Tone Vays Says Bitcoin Has Greater Chance of Hitting $20k than $3k
Tone Vays, the popular crypto analyst and trader had earlier predicted that Bitcoin would still plunge to $4,000 price region, believing that the digital currency would not be able to avoid another price crash like that of 2018, if it keeps surging without major retraction.
In his latest sentiment, Vays claimed that he has always been bullish over Bitcoin’s price. He then stated that the probability of BTC attaining its $20,000 all-time price high is greater than plunging to its new low of $3,000.
Read his statement below:
“Always Bullish on Bitcoin, but what does it mean for me to be Bullish on BTCUSD? – It means the probability of New All Time Highs at $20k is Greater than New Swing Lows at $3k…”
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.