Source- cointelegraph
After an incredibly disappointing year in 2018, Bitcoin woke from hibernation in early April 2019 and rallied with vengeance toward a yearly all-time high at $13,800. Alas, all good things must come to an end and such was the case for Bitcoin as price became overextended and began to retrace.
Bitcoin’s current malaise in the $7,800 to $8,500 range has produced a variety of price estimates on where the digital asset might go as the 2020 Bitcoin halving event approaches. This week Cointelegraph spoke to veteran trader and Bitcoin expert Tone Vays to prod his brain about the current state of Bitcoin and his thoughts on the future of the digital asset
Bitcoin price
filbfilb: Tone, it feels like a bit of deja-vu; you’ve been calling for a descending triangle breakdown and here we are again. Last time it resulted in Bitcoin completing an 85% retracement of the parabolic advance into the low $3,000s.
A similar breakdown this time would put us back at around $5,000 which isn’t too far from the triangle breakdown target. So with this said, where do you think we are heading?
Tone Vays: I think we are headed for the low $7,000 area but if that area cannot reverse the price quickly and we consolidate there the way we are now doing in the low $8,000s then $5,000 becomes a reasonable and likely target.
