It’s been just revealed that an important crypto trader just said that Bitcoin is on its way to reaching an important moment in its cycle that could determine its short-term fate. Check out the latest reports below.
Bitcoin to see important moves
In a new video update, seasoned Bitcoin analyst, trader and bull Tone Vays said that BTC still looks considerably weak, and could be close to another capitulation.
“It’s still not looking very good because we are stuck at $17,000 and nothing is rising yet. So we continue to consolidate and to frustrate the majority of people, which is one of the ways in which markets bottom.”
He also explained the fact that BTC is battling a diagonal resistance line which currently rests around the $19,000 level.
He believes that a rally up to the resistance level, which has been in play since June, could be Bitcoin’s “make-or-break” moment.
Vays also made sure to warn that BTC could be in the middle of a dead cat bounce.
Just in case you don’t know, this is a term in technical analysis that refers to a brief rally after a dip that fakes out traders before quickly dropping further for another leg down.
“On a weekly scale, it looks like we are still in the middle of a dead cat bounce to that area of the breakdown at $19,000. Once we get to $19,000, that’s going to be the make-or-break area for Bitcoin. So Bitcoin must go higher than $19,000 to make it to $21,000.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $16,807.
Despite the massive volatility that we have been seeing in the crypto market lately, especially following the disaster involving FTX, there are still plenty of optimistic prediciotns about the price of BTC.