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Current Bitcoin price performance suggests that the market will avoid a return to lows seen earlier this month, says Tone Vays.
Bitcoin (BTC) has a maximum 15% chance of falling below $3,800 if current price levels continue, says trader Tone Vays as BTC nears $7,000.
In a YouTube update on March 24, an increasingly bullish Vays updated his outlook for BTC/USD. He argued that at around $6,750, the pair was sitting at resistance.
Cryptocurrency market daily overview. Source: Coin360
Vays: Donât wait for the dip
Break above $6,800 and Bitcoin would all but eliminate the likelihood of dipping to new lows under $3,800 â only a 15% chance would remain.
âGoing above $6,800 would maybe give me 85% confidence weâre not going to go below this â and weâre almost there, weâve almost broken it; weâre sitting at resistance,â he said.
âRight now, I believe thereâs a 20-25% chance weâre going to go below $3,800.â
At press time, BTC/USD was gaining momentum towards $7,000, passing the $6,800 threshold to hit $6,920.
As Cointelegraph reported, Vays had previously sounded the alarm about a potential Bitcoin collapse to as low as $2,000 before Mayâs block reward halving.
Now, however, he told traders that it was foolish to avoid entering the market in the hope of catching the next dip. He continued:
âThat still means that you canât wait; you canât wait for another pullback to $3,500 â you should be in Bitcoin by now.â
Fedâs âunlimited moneyâ facilitates $100K BTC price
Vays was speaking as United States lawmakers agreed on a giant stimulus package to bail out consumers and businesses over coronavirus. The package, worth an estimated $6 trillion, followed the Federal Reserve embarking âunlimitedâ money printing.
For multiple commentators, including Binance CEO Changpeng Zhao, fiscal trends suggest that it would be even easier for Bitcoin to hit a $2 trillion market cap.
Dan Held, director of business development at fellow exchange Kraken, added on Twitter:
â$6,000,000,000,000 stimulus package for just one country. And you don't think Bitcoin can reach a $2T market cap? ($100k/coin).â
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