Since the year-long bitcoin slump is devolving into a further downward trend, many enthusiasts are keen to express their opinions on the matter.
Recently, the former Wall Street Risk Analyst and Bitcoin enthusiast, Tone Vays spoke about the continuous bear attack on the flagship cryptocurrency and how it is performing. He gave a contradictory opinion addressing Fundstrat’s Tom Lee.
Fundstrat’s Tom Lee said:
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as we are tired of people asking us about target prices.”
As indicated by Tom Lee, the reasonable price of Bitcoin should lie somewhere in the range of $13,800 and $14,800, and if the Bitcoin wallet users approach 7% of the aggregate number of users of Visa, which is a monstrous $4.5 billion, then at that point the reasonable price Bitcoin would be $150,000.
In the live stream, Tone Vays strongly disagrees with Tom Lee’s Bitcoin Valuation which is said to be in the range of $13,800 – $14,800.
“I just saw links to an article about Tom Lee today morning telling you that Bitcoin’s valuation is still above like $15,000. I couldn’t disagree more. I think Bitcoin’s current valuation at best $5,000 and I could be a little over-optimistic on that.”
Referring to the monthly chart of the dominating cryptocurrency, Vays said that this was the worst Bitcoin has ever seen this year.
Furthermore, Vays said,
“That would mean a sub $1000 Bitcoin or a $1,000 Bitcoin for a year, like $1,200 over a year, that’s what it would take to get the RSI to be below 30.”
Apart from Lee’s fair price prediction, he recently slashed his year-end Bitcoin prediction from an earlier $25,000 to $15,000. This is because Bitcoin had fallen below the break-even point.
As of now, it can be seen that Tone Vays’s disagreement with Tom Lee’s Bitcoin valuation is inevitable. It is not Vays, who has shown his disagreement. A lot of Twitterati can be seen giving their contradictory opinion to Tom Lee’s Twitter account.