The really popular trader Tone Vays has just revealed an important prediciotn about the price of Bitcoin. Check out what he has to say below.
Tone Vays addresses the price of Bitcoin
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $26,540.
Veteran crypto trader Tone Vays says that Bitcoin (BTC) is still in bear territory and this is happening despite the crypto king’s bounce last week.
In a new strategy session, Vays made sure to highlight the fact that Bitcoin’s recent rally is not enough to fire up a new uptrend for BTC.
According to the crypto strategist, Bitcoin is looking pretty bearish after BTC retested a key moving average on the daily chart as resistance.
“Yes, it’s a nice rally, but this nice rally is not amounting to a bullish-looking weekly chart. It is just not very bullish looking…”
He continued and said the following:
“The price still looks in a bearish posture even with this rally and the same thing on the daily (chart). It’s nice. It rallied into resistance, so let’s see if it can bust against both moving averages. It’s gonna have to break both moving averages. It’s gonna have to break out of this channel.”
Bitcoin warning for bears
A trader and analyst named Dave the Wave, who accurately predicted the May 2021 crypto market crash, advises against being overly cautious with Bitcoin (BTC) at this time.
He believes that excessive caution during low price periods is more driven by sentiment rather than a well-informed decision based on market charts. This message is directed towards his 138,500 Twitter followers.
“Reminder: best to be cautious at the top… and less so at the bottom…
To be too cautious at the bottom would be counter-productive…. and you’d think counter-intuitive. An over-cautious narrative would just be a play on sentiment…. just as the over-optimistic narrative was at the top.”
