Veteran Trader Tone Vays Looks Into Recovery Scenarios For Bitcoin (BTC)

Crypto analyst and trader, Tone Vays, looks into the state of Bitcoin after the steep correction that dragged the leading crypto asset below $42K last weekend.

Vays opined in a recent video that if the stock markets can perform well early this week, Bitcoin climb up above the crucial $53.5K level.

The analyst believes that Bitcoin will print a V-shaped reversal and return back to bullish trend. BTC dropped from $47,000 to $41,500 in less than an hour, where the buy demand stopped it from going further down.

“I do think this is going to be like a V-shaped reversal. You’re not going to get another chance to buy this dip. If you happened to go to the bathroom during this crash from $43,000 to $41,000, you kind of missed it… On an hourly scale, you only got less than an hour between $47,000 and $41,500. You did get another chance to buy at $47,000, but you didn’t get a chance to buy sub-$45,000.”

The veteran trader says that after the latest market correction, Bitcoin in fact has a better chance of breaking new all-time highs this year than it did before the crash. BTC’s daily candle on 4th December may have brought in spring-like catalyst for the digital asset to begin a new uptrend in the coming days.

“Because of the way this candle manifested itself, there is now a higher probability that of a new all-time high this year, than there was yesterday when the candle was higher because on yesterday’s candle, it still had the high chances of being a slow drag down decline followed by consolidation. But the V-Shaped move actually creates additional upwards pressure of FOMO (fear of missing out).

At time of writing, Bitcoin has reclaimed $50K level and is trading at $50,707, with 3.7% gains on a daily chart.