The cryptocurrency community was left in confusion and exhilaration over the past few days after Bitcoin [BTC] pumped again and the valuation breached $8000.
While many analysts were left uncertain and hesitant, Tone Vays, Bitcoin proponent and analyst, stated that he did not trust the current Bitcoin rally from a fundamental perspective, since he did not have any idea about what was behind the price hike.
He said,“There is absolutely nothing fundamentally changed in Bitcoin. Do I think Bitcoin will reach $100,000 a coin? Yes! Do I think it will happen tomorrow? No.”
Vays also suggested that traders needed to be cautious if they were going to chase the current rally. Vays considers the present market movement as a major bull run, stating that any kind of pullback which would mark a “secondary low.” Hence, the bull phase would be solidified more prominently.
According to his analysis, there were “potentially” three more weeks for a major price hike. The coming three weeks could be highly significant for Bitcoin and there was a chance, it might take the valuation of Bitcoin [BTC] somewhere close to its all-time high.
However, he cautioned that since Bitcoin [BTC] did not experience a 30 to 40 percent pullback and the price consolidated above the range of $7000, the natural characteristics of a trend were also likely to face a drop.
Finally, Tone Vays added that in the current scenario, Bitcoin [BTC] was consolidating above the $8000 valuation which indicated that if there was consistent consolidation at a high, the probability of prices going up was likely to grow higher. He stated that once Bitcoin [BTC] breached the $7400 resistance, the next major resistance was at $9942.
Additionally, he added that the consolidation of prices at a higher level will further dictate where the market was heading in the long term, as other than that, no other fundamental changes were relevant.