Tone Vays Projects When Bitcoin Capitulation Will Happen

According to a veteran trader Tone Vays Bitcoin (BTC) capitulation will be happening soon.

In a new live stream event, Vays argued that there isn’t enough volume on the BTC markets to call in capitulation, as of yet.

“We’re not there yet. We’re almost there, this is a horrendous hour… The other problem is that on a daily scale this is telling you it’s not over. The volume is telling you it’s not over. This volume would need to be significantly higher than this volume in order for us to admit this is capitulation.”

The trader looked into Bitcoin’s momentum reversal indicator (MRI), which is a technical analysis metric predicting trend life cycles based on momentum of an asset. According to Vays, BTC’s MRI indicates a few more days of downside before the market can start to reverse.

Regarding the price action, the analyst doesn’t expect Bitcoin to fall below $19,000.

“This candle here has signs of a reversal. According to the MRI, we could still have four or five more days of downside here. Can we go all the way down to $17,180 thousand? Yes. In fact, if we do go all the way to $19,000, we will pull back perfectly to the prior swing high, after that, if we go lower, the next level could be all the way down at $14,000.

I personally do not think we’re going to go get that low. I personally think $19,000 is as low as we’ll get. I’ve always said that $21,000-$22,000, start selling kidneys and get into Bitcoin…”

At the time of writing, BTC trades at $21,050, down 29% on the weekly time frame.