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$250,000 Bitcoin Price Prediction Discussed by CNBC Makes Tone Vays Feel "Way More Bearish"

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Sun, 12/22/2019 - 09:55
Alex Dovbnya
Tone Vays is skeptical of Tim Draper's $250,000 Bitcoin price prediction that was recently discussed on CNBC
Cover image via tonevays.com
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Former Wall Street trader Tone Vays says that he's now "way more bearish" after watching CNBC's recent "Fast Money" episode that called attention to the super-bullish $250,000 Bitcoin price prediction made by venture capitalist Tim Draper.  

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Choose your contrarian indicator

Vays is a rather divisive figure within the cryptocurrency space since some of his bearish calls turned out to be extremely wrong, which is why some prefer to trade in the opposite direction.    

However, his most recent prediction about Bitcoin dropping below the $7,000 level once again was on the money. The orange coin plunged to $6,500 just two days after his "buy the dip" tweet.      

CNBC can be also used as a contrarian indicator for Bitcoin with extreme accuracy as proven by trader Jacob Canfield. This explains why Brian Kelly breaking down Draper's $250,000 and Tom Lee saying that 2020 could be "much better for crypto" than the current year alarmed Vays and, quite possibly, the rest of CNBC's crypto-savvy audience.         

Related
Bitcoin (BTC) Could Print Yearly Price Loss After Ethereum (ETH) and Ripple's XRP: Peter Schiff

$5k could still happen 

Bitcoin's speedy recovery from a drop to $6,500 made the community far more optimistic ahead of a much-awaited yearly candle. At press time, BTC is changing hands at $7,170, barely moving the needle for the past few days. 

That said, according to trader Josh Rager, the top cryptocurrency is not even close to a potential bullish reversal until it breaks above $8,000, the price level it hasn't touched since Nov. 21. 

image by @Josh_Rager 

In case a bearish scenario, when BTC collapses below the previous support, he would target the $5,300 area to stack more sats. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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