Bitcoin Price Is In Danger, Says Tone Vays – Traders Should Buckle Up In A Certain Case
Despite the massive volatility in crypto prices, there have been a lot of optimistic crypto-related predictions during 2019.
Bitcoin is getting ready for the halving process, which is scheduled to take place in May this year, and it’s expected to see a price boost for the most important digital asset following the event.
BTC is facing a new fall
Now, Tone Vays, who is a popular figure in the crypto space, an important Bitcoin investor and strategist, said that BTC is facing a much bigger move to the downside after falling below $7,000, as reported by the online publication the Daily Hodl.
It’s been revealed that during a new episode of Trading Bitcoin, Vays said that he is watching BTC’s weekly candle. It seems that if this closes below the psychological level of support, the analyst believes that traders should buckle up.
“We are almost at a new six-month low weekly close. The week still has a few days to go. Anything can happen. But if we close lower than $7,000 for this week, this would be the second-lowest weekly close since April of last year. That is not a good sign,” Vays said.
He continued and explained that “It would be just six months of overall downtrend… I do think Bitcoin is going to finally bottom out this year. It will probably be a higher low than $3,000.”
BTC in the crypto market
At the moment of writing this article, BTC is trading in the green just like all the otheer coins in the market.
The most important digital asset is currently priced at $7,363.01.
Despite the huge volatility of the crypto market, there have been a lot of optimistic crypto predictions at the end of 2019.
Probably one of the most popular bullish predictions is the one claiming that by the end of 2022, BTC will be hitting $100k.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.