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 have 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.
“[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.