Bitcoin (BTC) likely reached its low when it hit $3,700 earlier this calendar month, veteran trader Tone Vays has forecast as markets remain upwardly 70%.

In the latest episode of his Trading Bitcoin YouTube serial on March 29, Vays repeated his previous claim that, logically, BTC/USD should bottom at xx% of its 2022 highs — $2,800.

Vays on $2.8K: "I don't call up it'south likely anymore"

This could occur before May'southward block advantage halving and not endanger Bitcoin's long-term perspective, he said, but a dive afterwards that issue could accept grave consequences.

After March 12, when BTC/USD bounced off xv-month lows of around $iii,700, Vays now thinks that Bitcoin will not return to put in lower levels.

"I don't think it's probable anymore," he summarized.

"Considering I think this incident, this issue earlier this month was close plenty $2,800 that I'one thousand no longer expecting $2,800."

Bitcoin Price 1-year chart showing dip to 70% of highs

Bitcoin Toll 1-year chart showing dip to seventy% of highs. Source: Coin360

BitMEX crash express Bitcoin toll losses

Since the bounce, Bitcoin has broadly maintained higher back up, with the recovery reaching virtually 90% in the subsequent two weeks.

Standing, Vays suggested that in fact, $ii,800 would take appeared during the swoop and that it was simply the crashing of derivatives behemothic BitMEX which prevented it.

"If BitMEX did not go down, we probably would accept $2,800 and mayhap even lower," he said.

"It's very possible that if BitMEX didn't crash, the selling would have just accelerated, but correct now, I'm under the supposition that the low is in."

At the time, BitMEX itself denied that it played a role in facilitating a wave of sell-offs which only concluded when it went offline.