As you probably know by now, Bitcoin managed to tumble about $10k in a matter of minutes.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $47k.
New Bitcoin price prediction
It seems that crypto traders are having a rough weekend. Bitcoin crashed more than 16% from $52,000 to $43,500 in the span of about thirty minutes.
As the online publication the Daily Hodl notes, Ethereum and the altcoin markets followed BTC’s sudden meltdown, with ETH sinking from $3,983 to a low of $3,497 in the same time frame.
The collapse triggered $2.41 billion in liquidations across the crypto market, according to the analytics firm Coinglass as the same online publication mentioned above notes.
Bitcoin bull and trader Tone Vays addresses if this is the bottom for BTC.
“Can this be the ultimate bottom [at $43,500]? I hope so, but right now we don’t have enough evidence of that. We need to give it more time.”
He continued and said the following:
“Technically, we should rally all the way back to the breakdown area. We don’t have to. That was a big drop. But right now, I’m obviously more bullish than bearish.”
He also said:
“If I was in a trading competition I would rather go long than short… Generally, this is how markets bottom. I hope some people bought this dip. I really do.”
Long time prediction for BTC
Looking at long-term time frames, Bitcoin has not invalidated its overall bull trend, according to Vays.
“We’re still in a general bull market here. We’re not really in danger of going into a bear market so we shouldn’t be shorting at any time during a bull market… the weekly chart is looking good on a long-term moving average, so let’s make sure we hold this moving average.”
Stay tuned for more news.