Former Wall Street trader and vice president at JPMorgan Chase, Tone Vays, says unless Bitcoin can hold above $5,200, he expects the price of BTC to fall.
Vays says a BTC drop to $3K or lower is still a very real possibility in 2019. At a crypto meetup in Philadelphia, Vays said if Bitcoin’s initial push above $5,000 really was triggered by a single whale, as some reports indicate, then the recent rally is not sustainable.
“I am definitely leaning more bearish than bullish right now. If we can go back to $5,200 and stay there, I can go back to being bullish.
I wouldn’t call this a run up. This whole thing happened in two days, right. So two days doesn’t make it a run. So this does look like a single large purchase that went through the order book. So, this is a very short-term run up… if this was due to a single whale buying trade, then it’s literally the definition of not sustainable. And that’s another reason to assume we’re going lower.”
Meanwhile, a technical gauge that accurately predicted the bottom of the 2015 bear market is flashing.
The Mayer Multiple (MM), which uses the 200-day moving average to identify market trends, has moved above the crucial level of 1.0, indicating the current market cycle has already reached a bottom.
Think the MM will be above 1.0 for a while the dip back below. Next time it pops up above 1 after that will signal the bull market. pic.twitter.com/LAzVBgc5pl
— jimbo (@jimbocoin) April 6, 2019
Right now, the crypto market is mostly in the green. Bitcoin is up 2.21% at $5,177. Ethereum is up 6.76% at $166.34, and XRP is up 0.83% at $0.3237.
Technical analysts are looking for Bitcoin to consolidate above $5,000, while watching resistance levels for Ethereum, XRP and Litecoin.
NewsBTC – Bitcoin price struggles in a $500 range
Coinspeaker – After breakout, $168 may be the price target
NewsBTC – Ethereum bulls are not out of woods yet
Forex Crunch – XRP price supported by a stack which runs from $0.317-$0.318
Blockonomi – $0.3225 and $0.3240 now crucial resistance levels
FXStreet – Important resistance level created at $84.40