Bitcoin Price Hitting $2,800 Is ‘Not Scary’ Before Halving: Tone Vays

The Bitcoin price hitting $6,800 is a scenario that is not scary before the May halving, according to comments from the analyst Tone Vays. The latest edition of his Trading Bitcoin YouTube series on March 18 illustrates this and puts the celebrated trader in the focus of the cryptonews.

As of now, Vays is eyeing a floor for BTC/USD of $2,000. In his view, Bitcoin had room to halve in value in the period before the halving, scheduled for around May 9. As he said when discussing the $2,800 level:

“It’s scary after the halving; it’s not scary before the halving. In fact, I always anticipated it before the halving — so it’s getting there, even if it’s a few weeks before the halving, I am perfectly fine with it.”

Last week, the same analyst was in the Bitcoin news for stating that Bitcoin price hitting $5,000 is not a surprise – especially after it briefly rallied following the daily epic losses on Wednesday which at one point totaled 60%.

Continuing, Vays pointed out that Bitcoin’s $2,800 levels practically represent the completion of a forecast 80% drop from the 2019 highs of around $13,800. The lows of $3,700 last week, as he added, were likely “close enough.”

What’s interesting is the fact that the Bitcoin price hitting $2,800 is a scenario that Vays is not alone in backing. According to the statistician Willy Woo, Bitcoin is in line for losses before a major retaliation takes hold of the market.

“Dump then moon. We are undergoing flight to safety right now, BTC is looking for its bottom,” he tweeted on Wednesday. “But know that once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for.”

Meanwhile, as we reported before, there are some theories about the May Bitcoin halving which focus on miner profitability. Bitcoin’s losses have apparently forced out smaller miners, given the production cost and how it is several thousand dollars higher than the spot price.

As such, the major players such as the people producing hardware, will be able to pick up the slack and claim more in block rewards, countering the impact of the supply dropping by 50% in May this year.