According to well-known Bitcoin analyst and trader Tone Vays, bitcoin’s price drop is not scary to $2800, provided this happens before halving(
the bitcoin mining bonus).
According to CoinTelegraph, the trailer on March 18 in its latest YouTube channel video stated that it is now expecting a price tag of $2000 for Bitcoin.
In his view, bitcoin prices may be cut in half by the time of the next halving, which is expected to take place on May 9. He briefly said about the $2800 price:
If bitcoin reaches this price after halvingit is scary, but it is not $2800 before halving. In fact, I always expected this to happen before halving. Now we are moving to that side and if this happens before halvingI have no problem with it.
The week before and after bitcoin corrected its historic fall to $5600, Wise said the price should fall back to $5000.
He went on to say that the $2800 price actually marks the completion of the projected 80% drop from the 2019 year’s highest price of $13800. The $3700 price Bitcoin touched last week was largely close to completing a 80% drop.
Weiz is not the only one to make this prediction. Statistical analyst Willy Woo believes that before the global financial markets regain their prices, bitcoin will experience another downturn. He tweeted Wednesday:
We are currently tolerating a downward flight to safety. Bitcoin is moving toward its precious floor. But immediately after the price is touched, a very powerful cow market will be waiting for us. In the years ahead, we will have an economic environment for which Bitcoin is built.
At the same time, the Hawing phenomenon will affect the profitability of the miners. The Bitcoin price decline is forcing small miners to turn off their devices. This drop in prices has also made bitcoin costs a few thousand dollars more than it costs.
As such, the major mining players, such as those producing the extraction machine itself, will receive more block extraction bonuses, and this will counteract the Hawing effect.
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