It has been just revealed that the important crypto trader and analyst Tone Vays has issued an urgent Bitcoin warning. Check out the latest reports about this below.
Tone Vays issued Bitcoin warning
Experienced trader Tone Vays is alerting investors that Bitcoin (BTC) may face a significant market correction in the near future.
In a recent video update, the analyst stated that if Bitcoin fails to regain a critical level, it could drop to the mid-$30,000 range. Vays has a vast audience of 123,000 subscribers on YouTube.
“All signs are pointing to a much, much bigger correction. I hope this doesn’t happen. I really hope we go up from here. I don’t want to see us correct. We’ve already dealt with a huge bear market. However, I am going to remain on the sidelines with cash until Bitcoin breaks out above these moving averages. I need to break even the second moving average. I need $44,000. I need a daily close at $44,000 or a move to $36,000. I really need that to go long Bitcoin.
There could be something in between. It depends how fast or how slow we go down. It’s possible I may find a good buying opportunity down here at $39,000. But realistically, I am looking for either a move above the moving average of $44,000 or a move all the way down to $36,000 where we have a beautiful combination of the MRI (Momentum Reversal Indicator) support line on the daily chart, the 128-day moving average and the top of the channel.”
The trader believes that if Bitcoin’s value drops below $40,000, it won’t be the same as the dips that occurred before previous halving events, which are when miners’ rewards are halved. The next halving event is expected in April.
The trader doesn’t think that the pre-halving dump has started yet.
The dump usually happens a few weeks before the halving, not four months before. The trader predicts that Bitcoin won’t drop to the $20,000 range again and will only fall to $30,000 if there’s a black swan event.
According to the trader, it’s unlikely that Bitcoin will drop below $30,000 unless something catastrophic happens.
Bitcoin is trading for $43,222 at time of writing, up nearly 2% in the last 24 hours.