Tone Vays Believes Bitcoin Will Tip the Scales to $6,000 in Coming Days

However, a short term positive rally sparked hope among investors when its price exceeded $4,000 on March 16, 2019. After a marginal dip, its price has returned back to the $4,000 level. Crypto trading expert Tone Vays said that Bitcoin could see a thousand point rally if it breaks beyond $4,200.

Break Out Rally Could Help Bitcoin Scale $6000

Vays, a former JP Morgan VP, believes that a positive price rally is in the cards for the near future. If growth continues, market momentum could push the price up to $5,000 or even $6,000. Vays also warned that a short term rally also has the potential to end the positive momentum and cause the price to fall to lower levels too. On a general note, he was hopeful of Bitcoin’s price peaking at $10,000 by the end of 2019.

Odds of bitcoin >10k by September = 4.6%

What do you think? pic.twitter.com/5BVeRbETem

— skew (@skewdotcom) March 18, 2019

Technical indicators suggest that Bitcoin could rise by 25 to 50 percent in the coming days after analyzing its long-short ratio. Although, cryptoanalysis firm Skew Markets said that the probability of Bitcoin exceeding $10,000 by September 2019 was only 4.6 percent. The odds are better for Bitcoin reaching $6,000. Even then, however, there is an 80 percent chance that the $6,000 price point will not be achieved.

Short Sellers Could Suffer Huge Losses

Short sellers that have opened positions betting on a fall in Bitcoin’s price will be hit hardest if a rally begins now. These sellers will be forced to liquidate their position as soon as the price exceeds a predefined amount written in the contract. Alex Kuptsikevich, a financial analyst at FxPro, said that the current dynamics of the crypto market are similar to a stable price movement and opposite to the sharp price volatility witnessed between 2017 and 2018. Alex cautiously mentioned that the cryptocurrency market remains alive and demand for digital currencies has returned to normal levels. Furthermore, while fluctuations in Bitcoin price have been common in the past, its potential will become unlocked only when mass adoption takes place. What are your predictions for Bitcoin prices in 2019? Let us know your thoughts in the comments below!