Trader Tone Vays: Time Is Against Bitcoin (BTC) To Hold On To Bull Market

Tone Vays, a crypto trader and analyst looks into Bitcoin (BTC), and what would need to happen for BTC to in order to avoid another drop.

In a recent video update, Vays shared with the 119K subscribers to his YouTube channel that he hasn’t lost faith in Bitcoin’s chances of rising back to $49,000 level, however, time is of essence for the leading digital asset to do that.

“I am still optimistic for the current month that we’re going to rally back into the triangle and possibly above the short-term moving average, which means we have to close the month above or very close to $49,000.

I believe that’s possible, but the month only has 10 days left. So Bitcoin better get a move on in the next 48 hours, or that is not likely to happen.”

The crypto trader looks into Bitcoin’s weekly chart and makes a note on the miner’s rolling inventory (MRI).

MRI measures the sentiment among Bitcoin miners where above 100% tells that miners are net-selling their newly mined coins, whereas below 100% number means miners are holding on to their new BTC.

“The weekly chart is technically still looking bullish off of the MRI, and only bullish off of the MRI. By all the metrics, it’s actually pretty bearish.

We need this week to be positive, otherwise, Bitcoin is in trouble.”

Vays also considers Bitcoin’s previous two big selloffs that took place on 27 December and on 5 January. He worries that even if BTC rises back to $44K, it could pull back below the $40K support level.

“Bitcoin is in trouble, and if it stays here a couple more days (~$41,722), then I believe a repeat of what happened last month and early this month is very, very possible.

$44,000 [could happen] in the next week, [and] then it’s very likely to take another leg down to about $38,000 or lower.”

At the time of writing, Bitcoin is trading at $41,768, down 1.46% on the daily time frame.