Currently, Bitcoin is moving around $9,000 and the price is on its way to cross the figure of $9,000 as proposed by many crypto analysts. But according to some prominent Bitcoin analysts, the coin has to do something more to enter into a bullish zone.
Tony Vays, the vice president of the JP Morgan Chase, is one of those traders who, still, not believe in the temporary bullish rally. In his YouTube live session on Jan.28, he concluded that, though the price got direction in an upward direction during the past week, he is, still, not believing in the long-term bullish rally on the part of the Bitcoin.
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Vays is also known for giving very cautious speculation for the BTC price. In mid-January, he proposed that the BitMEX funding rate, a technical indicator, runs opposite the normal predictions and gave the mixed prediction for BTC/USD pair: and price value may go down.
Conditions for Bullish trend
Now, he has also expressed his mixed type of feelings about Bitcoin’s upcoming move. He stated that coin needs to have a grip over 200-days moving average and should maintain its position above $9,000 in order to show a bullish trend. As he commented, ‘’Am I ready to declare a bull market? No.’’
He, further, went on saying:
If we fall back below the 200-day moving average, then the double top holds.
Binance CEO, Changpeng Zhao, passed a very harsh attitude for those who said that price will go down but the current trend of BTC is the opposite.
Now is the time to unfollow people who predicted btc to 5000 in the last couple months, and btc to 1000 a year ago.
Traders have missed the Opportunity
Similarly, some are saying that bottom is gone and the people who are waiting for a lower level to buy BTC are left behind alone. In the words of Brandt, ‘’They all want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom — and during that bottom, I think you had a lot of people accumulate with strong hands.’’