Bitcoin (BTC) Price Reaches $9,000 and Crashes Coinbase, but Tone Vays Says It’s Time to Take Profits
On Apr. 29, the Bitcoin (BTC) hit an intraday high of $8,970 on the Bitstamp exchange before erasing a substantial portion of its gains.
However, former Wall Street trader Tone Vays expects this rally to run out of steam, which is why he has already sold his long position to buy another dip.
Bitcoin makes Coinbase crash (again)
Due to this enormous volatility, the app of Coinbase, the leading U.S. exchange, started to crash.
This is reminiscent of June 23, 2019, when the exchange went offline due to an outrage, which coincided with a catastrophic $2,000 price drop. Notably, Coinbase’s downtime market the top last year.
Bitcoiners have bought the dip
According to data provided by on-chain research firm Glassnode, it is now more profitable to hold Bitcoin at $8,300 than it was before the March 12 crash. This essentially means that plenty of holders seized the opportunity to stack more sats after Bitcoin’s third-largest crash to date.
Now that Bitcoin has hit Vays’ $9,000 target, which has also coincided with a CME gap, traders should be prepared to buy another dip.