Bitcoin Price Bounces Above $5K as Analyst Forecasts a ‘Squeeze Up’

Bitcoin (BTC) held onto $5,000 support on March 14 as markets broadly steadied after many saw their worst week in over 30 years.

Cryptocurrency market daily overview. Source: Coin360

BTC price crash “did not break the model”

Data from Coin360 and Cointelegraph Markets showed BTC/USD circling $5,300 at press time on Saturday. Volatility remained high, with the pair’s 24-hour range close to $1,000.

Bitcoin was fresh from daily lows of $4,940, which came hours after trader Tone Vays predicted that the cryptocurrency would dip below $5,000 for a final time. 

Trajectory remained uncertain, he said, but argued that in spite of this week’s huge losses, markets had not witnessed enough “pain” at Friday’s levels.

Bitcoin 1-day price chart. Source: Coin360

Similarly cautious was Cointelegraph Markets analyst filbfilb, who noted that while buying appetite was back on exchanges, there was little room to breathe a sigh of relief.

Late Friday, he told subscribers of his Telegram trading…