While Woo takes the most bullish approach, Tuur Demeester comes in at a close second. The Adamant Research partner attaches an 80% chance that Bitcoin has already bottomed out. Tone Vays, however, suggested that there’s still a reasonable chance Bitcoin has a bit to go. Vays states there’s a 40% chance Bitcoin has bottomed.
Not to be outdone, Tone Vays gave his bearish argument on the bitcoin price. He argued that “bitcoin has yet to capitulate from a fundamental perspective,” saying:
“Lots of these big institutional holders have not capitulated. The Novogratz’s and the Tim Drapers that have been holding onto these coins for a long time. I believe bitcoin finds a way to crush people’s souls…I believe the market will find a way to separate them from those coins somehow. And these are the big holders I’m actually waiting to capitulate.”
