Bitcoin and cryptocurrency bulls have been out in force over recent weeks and months, pushing the bitcoin price and the wider cryptocurrency market to year-to-date highs and somewhat recovering lost ground after a disastrous 2018.
The bitcoin price has more than doubled in the first half of 2019, rising from under $4,000 to over $8,000 as the world’s technology giants and big retailers dip their toes into bitcoin, cryptocurrencies, and blockchain.
Now, a former Wall Street executive has warned bitcoin’s long bitter bear market—known as crypto winter for its debilitating effect on the market—might not yet be over.
Bitcoin bulls have fought the bears for control of the market in recent months, but many investors fear a sudden correction could be coming.
“[I don’t see] too much external money coming into the [bitcoin and cryptocurrency] space,” the former financial analyst at U.S. banking giant JPMorgan Tone Vays told bitcoin and cryptocurrency trade news site Cointelegraph in an interview this week, warning investors not to trust the recent rally in the bitcoin and crypto markets.
Vays did, however, reiterate his previous statement that he thinks “everyone should have some bitcoin” and that it is unlikely that bitcoin can dip below $2,000 “at this point.”
The former banker made a $250,000 bet in March that bitcoin will fall below the $2,000 price point before the 2024 bitcoin halving.
The bitcoin price has rallied hard in recent months but some are worried prices won’t hold.
Bitcoin and cryptocurrency investors are divided on where they see the market going after this year’s strong rallies, with some expecting the coming bitcoin halvening event next year to drive price higher, while moves from the likes of social media giant Facebook to step into the bitcoin and crypto game have led to renewed mainstream interest in the sector.
Others are worried the gains made so far this year are overblown and a course correction is inevitable.
Earlier this week, bitcoin and cryptocurrency “millionaire” Erik Finman revealed he thinks bitcoin will return to its all-time highs of near $20,000 per bitcoin before 2020 if the industry makes the strides his is expecting, pointing to tech companies and bitcoin and crypto interest from U.S. presidential hopefuls.