Tone Vays: Bitcoin Could Stage Another Sell-Off Event In Short Term
According to Tone Vays, a Bitcoin (BTC) analyst and trader, the leading digital asset by market cap is showing signs of yet another price fall.
In a recent video update, the analyst shared with his 120K subscribers on YouTube that BTC’s recent price action and technical indicators are looking bearish.
“We are below all the moving averages… The (200-day) moving average is about to start declining. That is not a good sign… This is a bad-looking daily chart. If this candle closes below $38,500, it is pretty bad… This arrow (going towards $25,000) is somewhat realistic…
There is a possibility of a snapback to the (50-day) moving average… We may be double bottoming again with $36,500 and then from there, this disaster can occur.”
While the trader is bearish on Bitcoin in the short to medium term, he makes a case that boosted by macro economic factors, Bitcoin will eventually make its way to new all-time high. But the question is: when?
“In a world of inflation, in a world of tyrannical governments confiscating your money, Bitcoin will eventually break above this double top and break out above the double top with a vengeance. Remember the longer Bitcoin is depressed below $65,000, the more violent the move to the upside is going to be.
To me, this is pretty much a fact. When is it going to happen? I don’t know.”
