It seems that the popular trader Tone Vays has a new Bitcoin-related prediction. Check out the important details about the skiing coin below.
New BTC prediction is out
Tone Vays, a veteran trader, is warning that the unprecedented run of Bitcoin is likely to come to an end.
In a recent video update, the seasoned analyst informed his 123,000 YouTube subscribers that he expects a dip in Bitcoin’s price in January, around the time when the U.S. Securities and Exchange Commission (SEC) is scheduled to approve or deny bids for creating spot market BTC exchange-traded funds (ETFs).
According to Vays, regardless of the SEC’s decision, he foresees a “sell-the-news” kind of event for the top crypto asset by market cap.
“I’ve been looking for a top in the $48,000 range, sometime in mid-January in line for their next rejection of the Bitcoin ETF.
Even if the Bitcoin ETF is not rejected, I still expect it to be a sell-the-news event, not a buy-the-news event. So either way, if Bitcoin is reaching this next Fibonacci line (0.618) and the $48,000 price level sometime early to mid-January, I will see that as a near-term top and anticipate a pullback on the SEC news.”
Vays believes that the SEC’s decision will cause a sell-off event for BTC, given its significant price surge this year.
However, he points out that the SEC’s decision could still cause a rally, but only if the leading digital asset falls to around the $35,000 level before that.
“The reason why it would be a sell-the-news event is because Bitcoin has been on an unprecedented run this year. Bitcoin is up 200% this year. After a 200% run-up, it’s time for a proper pullback…
I would consider this to be a sell-the-news event if Bitcoin is at the top ($48,000).
Remember, we can start crashing tomorrow, and Bitcoin could be sitting at $35,000-$36,000 by mid-January, in which case, I’m going to consider good news from the SEC very, very bullish for the price of Bitcoin if Bitcoin is sitting at $36,000. But if Bitcoin is sitting at $48,000, I’m going to consider that a sell-the-news event.”
