- The well-known crypto analyst Tone Vays is now considering selling parts of his “hodl position” as he thinks there is a risk that the bitcoin price will fall back again soon.
Over the past few weeks, the bitcoin price has soared by thousands of dollars – and peaked at around $8,400 at its highest. Now, many wonder if the price will continue to rise or if we will see a decline.
One person who believes in the latter is Tone Vays, a well-known analyst and expert in the crypto world. He thinks the market has been very irrational lately.
“The more irrational a move up, the bigger the pain. We saw what happened the last time the market move up irrationally. We hit $20,000, and are, I believe, still suffering for it”, says Tone Vays to crypto news site Cryptopotato during the Consensus conference in New York.
Believed in a “bull trap”
When the bitcoin price dropped to around $3,000 in December last year, Vays explains that he thought that there would be a so-called “bull trap”, i.e. an incorrect signal that the price will continue upwards when in fact it will turn down again, up to $5,000-$6,000.
But, as everyone knows, the bitcoin price has continued to rally to $8,000 and beyond.
“We’ve broken $6,400, and in a matter of days, went all the way to $8,300. I don’t understand why that happened. I don’t see anything in the charts that should have caused it. I don’t see anything changing fundamentally that should’ve caused it. This current move makes no sense to me”, says Tone Vays to Cryptopotato.