RATE Group | Crypto Leaders Weigh In On Bitcoin Collapse, $3,000 Target Touted
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Crypto Leaders Weigh In On Bitcoin Collapse, $3,000 Target Touted

23 Nov Crypto Leaders Weigh In On Bitcoin Collapse, $3,000 Target Touted

Posted at 07:44h in Bitcoin News by

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“Bitcoin Was Overpriced All Year”

While some industry savants expected crypto’s recent crash for months on end, many ‘common Joe’ investors were caught off-guard by this rapid bout of selling pressure. Aiming to clear the air surrounding this sell-off, which sent Bitcoin (BTC) freefalling to $4,500, CoinTelegraph recently brought on a number of industry leaders to weigh in on market conditions.

Tone Vays, a former institutional trader turned Bitcoin maximalist, first noted that in his opinion, that was no factor that catalyzed crypto’s recent crash, nor was there a catalyst behind Bitcoin’s monumental run-up throughout the year of 2017. Simply put, the trader noted that BTC was “overpriced,” and it has been for the past year.

The guru then pointed out that BTC’s rapid parabolic price fluctuations are a common sight, due to the fact that a majority of crypto traders often lose focus on what makes Bitcoin so important. Vays explained:

BTC constantly drops 80 or…

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