At a recent Bitcoin Q&A meet up at Philadelphia, Tone Vays, a popular Bitcoin [BTC] influencer, said that the market was still bearish and setting up for a bull trap.
Tone Vays presented some of his analysis and explained that he had predicted Bitcoin to reach a valuation of around $5,100. He said that after the breach of the $5,000 mark, he expected Bitcoin to hit new lows.
Additionally, the analyst mentioned in his presentation that he had drawn the support at $4,950 over the next week for Bitcoin. He stated that if the coin fell below the support, the coin was looking at a difficult period in terms of financial valuation.
However, he did open the window for a bullish run and indicated that if Bitcoin crossed $5200, the forthcoming period might be more inclined towards a bullish move.
During the meetup, Vays was queried on whether the bull run was triggered by a major whale purchase. He responded that a major whale purchase was highly unlikely to cause a bull run. He also added that the run only lasted two days, which did not give it enough credibility to be termed “bullish”.
“If the bull run was caused by a major whale purchase in the market, then it would never be sustainable in the long term.”
Lastly, Tone Vays remarked that a major economic event, which did not involve a major financial catastrophe, would be beneficial for Bitcoin.