Analysis

Trader Tone Vays Says Bitcoin Needs Miracle To Turn Bullish Again, Lays Out Downside Target for BTC

Seasoned dealer Tone Vays is bearish on Bitcoin’s (BTC) close to future, saying the Bitcoin chart seems to be “horrible” within the quick time period.

In a brand new video from Tuesday, the analyst famous BTC “bought rejected” by the 200-week shifting common final week.

BTC was buying and selling at round $21,000 on the time of Vays’ video, the dealer noting Bitcoin’s path would “get tremendous ugly” if it failed to leap again above $22,000 within the subsequent 24 hours.

Vays predicted that if Bitcoin didn’t maintain the road round $20,600, it could repeat its mid-June worth plummet and plunge all the way in which all the way down to $14,000.

“If we don’t maintain this center line, we’ve a really excessive likelihood of repeating this complete catastrophe of consolidation with a large breakdown… if we get again into this decrease vary.”

Supply: Tone Vays/ TradingView

BTC did simply that, nevertheless, and is buying and selling at $22,763 at time of writing. The highest-ranked crypto asset by market cap is up greater than 7% prior to now day.

That worth now sits practically precisely at Bitcoin’s 200-week shifting common, which presently hovers round $22,750, in keeping with the crypto analytics agency Coinglass.

Bitcoin stays down greater than 67% from its all-time excessive of $69,044, which it hit in early November. The highest crypto asset is down greater than 2% prior to now week however is up practically 10% prior to now month.

The general crypto market cap can also be up greater than 7% prior to now 24 hours, in keeping with CoinGecko.

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