The cryptocurrency market is bleak, Bitcoin price is holding at $ 8,000

Bitcoin (BTC) has a maximum of 15% chance of falling below $ 3,800 if the current decline continues, famous trader Tone Vays stated when BTC was near $ 7,000.

In one video New YouTube on March 24, Vays updated his outlook for the BTC / USD pair. He argued that at a price of about $ 6,750, the currency pair is at resistance.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

Vays: Don't wait for a new bottom

A break above $ 6,800, Bitcoin will break out of the possibility of falling to a new low below $ 3,800 – leaving only a 15% chance for that to happen.

“Going above $ 6,800 can give me 85% confidence, it will not fall below this level – and it is almost there, the price has almost broken that level; It is sitting at the resistance, ”he wrote.

“Right now, I believe that there is a 20-25% chance it will drop below $ 3,800.”

At the time of writing, the BTC / USD pair fell below $ 6,500 to hit the intraday low of $ 6,450.

As Toiyeubitcoin previously reported, Vays was once alarmed about the potential collapse of Bitcoin to as low as $ 2,000 before the halving event took place in May.

However, at this time he thought it was foolish not to enter the market in the hope of catching a new bottom.

“That still means you can't wait; you can't wait for another pullback of $ 3,500 – the party should buy Bitcoin now. ”

Fed pumping money “unlimited” will create conditions for BTC to reach $ 100k

Vays made his comments after US lawmakers approved a huge economic stimulus package to protect users and businesses from the coronavirus pandemic. The stimulus package – worth about US $ 6 trillion, was released after the US Federal Reserve started printing “unlimited” money.

READ  Bitcoin price will target $ 7,800, if this happens

For major industry figures, including Binance's CEO Zhao Changpeng, current financial trends show that Bitcoin can even easily reach a market capitalization of over $ 2 trillion.

Dan Held, director of business development at Kraken exchange, writes on Twitter:

“A stimulus package of $ 6,000,000,000,000 for a single country. And don't you believe Bitcoin can reach a market cap of $ 2 trillion? ($ 100k / coin). ”

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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