Trader Tone Vays Says Bitcoin Needs Miracle To Turn Bullish Again, Lays Out Downside Target for BTC
Seasoned trader Tone Vays is bearish on Bitcoin’s (BTC) near future, saying the Bitcoin chart looks “terrible” in the short term.
In a new video from Tuesday, the analyst noted BTC “got rejected” by the 200-week moving average last week.
BTC was trading at around $21,000 at the time of Vays’ video, the trader noting Bitcoin’s path would “get super ugly” if it failed to jump back above $22,000 in the next 24 hours.
Vays predicted that if Bitcoin didn’t hold the line around $20,600, it would repeat its mid-June price plummet and plunge all the way down to $14,000.
“If we do not hold this middle line, we have a very high probability of repeating this entire disaster of consolidation with a massive breakdown… if we get back into this lower range.”
BTC did just that, however, and is trading at $22,763 at time of writing. The top-ranked crypto asset by market cap is up more than 7% in the past day.
That price now sits nearly exactly at Bitcoin’s 200-week moving average, which currently hovers around $22,750, according to the crypto analytics firm Coinglass.
Bitcoin remains down more than 67% from its all-time high of $69,044, which it hit in early November. The top crypto asset is down more than 2% in the past week but is up nearly 10% in the past month.
The overall crypto market cap is also up more than 7% in the past 24 hours, according to CoinGecko.
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Featured Image: Shutterstock/Vadim Sadovski/David Sandron
