Tone Vays Says He's Bullish on Bitcoin (BTC). What Made Him Change His Mind?
Former Wall Street trader Tone Vays says that he's now bullish on Bitcoin in a celebratory Twitter thread about crossing 200,000 followers. He replied to Mike Novogratz who recently predicted that BTC could surpass $20,000 in 2020.
Haha, love the don't too! yes I am BULLISH now on #Bitcoin @novogratz, I turned right after that crash on March 13th:https://t.co/oPWi6cTnvJ
— Tone Vays - TheFinancialSummit.com (@ToneVays) April 8, 2020
Vays also forecasts Bitcoin could soon decouple from the stock market and start acting as a safe haven.
Alex DovbnyaA major dip-buying opportunity
Despite being a proud Bitcoin maximalist, Vays had been a relentless bear. In fact, he accurately called BTC's plunge below $7,000 in December.
Back in January, Vays said that the BTC price surpassing $10,000 would turn him into a bull for the following four years. Even though BTC did surge to its 2020 high of $10,530, it tanked to the $3,800 level on March 12 price crash (a.k.a 'Black Thursday').
However, the strong bounce from the local bottom allowed Vays to suggest that it could mark the end of the two-year bear market.
It's hard to say if #Bitcoin bottomed, but the way we bounced off $3,850 is very promising. This is how markets bottom but NOTHING about this $BTC 2yr Bear Market has been standard.
Ex: These capitulations 'usually' drive price to NEW lows but we stayed above $3,150. pic.twitter.com/zD3FT1reeD— Tone Vays - TheFinancialSummit.com (@ToneVays) March 13, 2020
Decoupling from stocks
In his new video, Vays says that Bitcoin is about to become a safe-haven asset. The leading cryptocurrency showed its risk-on side during the coronavirus sell-off, but the trader expects it to start decoupling from stocks.
As reported by U.Today, Bitcoin's correlations with the S&P 500 and gold reached their highest levels amidst the crisis.
That said, Vays believes that the stock market could endure another capitulation that will drive demand for hedge assets.
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