It’s been revealed that the veteran trader Tone Vays updated his Bitcoin forecast amidst the Federal Reserve’s interest rate hike that saw BTC go through a volatile price action.
He said during a new strategy session on YouTube that Bitcoin’s near-instant 3% rise from $38,766 to $39,935 yesterday was most likely a dead cat bounce.
Bitcoin remains down from a weekly peak
As the online publication the Daily Hodl notes, the trader first looks at four-day Bitcoin candles where Bitcoin remained down from a weekly peak of $40,183 on April 28th. Vays weighs technical analysis (TA) versus fundamentals. He said the following:
“I’m not putting that much stock into this orange arrow, I don’t think it’s all that critical, definitely not like this one was [late January 2022], so we wait and see. Right now this is looking like a nice dead cat bounce and most likely will turn the price of Bitcoin down.”
He continued and said:
“All TA is pointing to lower prices. Fundamentally, I’m always bullish on Bitcoin and it can break out at any minute, but TA is telling me that this [green candle up] is just a dead cat bounce and we should have one more critical up.”
The crypto market is going through a correction today, and at the moment of writing this article, BTC is trading in the red. The king coin is priced at $36,446.
You should check out the original article posted by the Daily Hodl in order to learn what more Vays had to say about the most important digital asset in terms of market cap.
Michael Saylor and Joe Rogan address Bitcoin
Michael Saylor is addressing the Joe Rogan show which brings up Bitcoin. Check out the video that Saylor shared on his social media account.
— Michael Saylor⚡️ (@saylor) May 4, 2022
Stay tuned for more news.