Tone Vays took to Twitter recently to make an exceptionally bearish call regarding Bitcoin. He claims that it will soon be the “best time to ‘buy the dip’ for years to come.”
Tone Vays is a popular cryptocurrency trader who has caused divisions in the cryptocurrency community, so much so that some tend to counter-trade his calls. That being said, Vays has just made a new bearish call for Bitcoin which he claims will be the best buying opportunity yet.
Vays took to Twitter to tell his followers that Bitcoin’s $7,000 support level will soon break down. He claims that it will soon be the best ‘buy the dip’ opportunity that investors have seen in years.
Will do Trading #Bitcoin Video in about 12 hours… No need to assume, I'll just say it –> Bear!, $7k should break down, saying it now cause it might do it while I'm asleep, if you prepared for this this $BTC low, it should be the best time to "Buy the Dip" for years to come
— Tone Vays (Unconfiscatable.com) (@ToneVays) December 16, 2019
The responses to the tweet were mixed. Some were looking for the $5,000 price point to pick up some more Bitcoin.
Looking into 5K support for mega buys
— West Coast Trader (@___Prodigy___) December 16, 2019
Others, however, were not convinced by the call. “This isn’t 2018 Mr. Vays,” writes Krew Montice (@KrewbaccaxR). Other replies pointed out that Tone Vays has been usually wrong on his predictions since 2010.
Tone Vays since 2010: so bearish on Bitcoin! Bitcoin must go to 0 before it shoots to moon! Tone Vays correct predictions: 1 (or 2, dunno really)…
— dboomko (@dboomko) December 16, 2019
Nice, up we go….
— Menno Pietersen (@MennoPP) December 16, 2019
In late October, Vays predicted that Bitcoin would drop to the “low $7000s” as reported by BeInCrypto. What happened, however, ended up being the complete opposite. Just the next day, Bitcoin posted one of its strongest one-day candles in years and almost hit $10,000 from a low $7,500 on October 26th of this year.
Given Vays’s previous calls, it is safe to say that his current call is a toss-up. Bitcoin has currently held steady at the $7,000 price point for the past few days despite bearish sentiment prevailing in the market.
In November, Vays was caught up in a hack that saw his information on BitMEX leaked to the public. Hackers were able to out Vays’ personal email and loads of information on many BitMEX users. The scandal, however, quickly passed and it seems that no identity was compromised for fraudulent purposes (as far as we know).