Trading April 16, 2019 Daily Hodl Staff

Crypto Trader Warns Bitcoin Whale Rally Not Sustainable – BTC, Ethereum, XRP, Litecoin Forecast

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

— jimbonaut 🌮⚡️🔑 (@hexlib) April 6, 2019