Bitcoin (BTC) has a maximum fifteen% take chances of falling below $3,800 if current price levels continue, says trader Tone Vays as BTC nears $7,000.

In a YouTube update on March 24, an increasingly bullish Vays updated his outlook for BTC/USD. He argued that at around $6,750, the pair was sitting at resistance.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Vays: Don't wait for the dip

Break higher up $6,800 and Bitcoin would all only eliminate the likelihood of dipping to new lows under $three,800 — only a fifteen% chance would remain.

"Going to a higher place $six,800 would maybe give me 85% confidence we're not going to go below this — and we're almost at that place, nosotros've nearly broken it; we're sitting at resistance," he said.

"Right now, I believe there's a twenty-25% chance we're going to go below $iii,800."

At press time, BTC/USD was gaining momentum towards $7,000, passing the $six,800 threshold to hit $6,920.

As Cointelegraph reported, Vays had previously sounded the alert about a potential Bitcoin plummet to equally low as $2,000 earlier May's block advantage halving.

Now, notwithstanding, he told traders that information technology was foolish to avoid entering the market in the hope of catching the side by side dip. He continued:

"That withal means that you can't look; you tin can't wait for another pullback to $3,500 — you should be in Bitcoin by now."

Fed'southward "unlimited coin" facilitates $100K BTC cost

Vays was speaking as Usa lawmakers agreed on a giant stimulus packet to bail out consumers and businesses over coronavirus. The package, worth an estimated $6 trillion, followed the Federal Reserve embarking "unlimited" coin printing.

For multiple commentators, including Binance CEO Changpeng Zhao, fiscal trends propose that information technology would be even easier for Bitcoin to hit a $ii trillion market cap.

Dan Held, director of business concern evolution at swain exchange Kraken, added on Twitter:

"$six,000,000,000,000 stimulus parcel for just 1 country. And yous don't think Bitcoin tin reach a $2T market cap? ($100k/coin)."