Seasoned trader Tone Vays warns Bitcoin (BTC) traders that the leading cryptocurrency is at risk of igniting another sell-off event.
In a new strategy session, Vays tells his 120,000 YouTube subscribers that Bitcoin’s price action and technical indicators are all flashing bearish signals.
“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 [pointing to $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.”
Although Vays is bearish on Bitcoin in the short to medium term, the veteran analyst still believes that BTC will eventually surge above its all-time high catalyzed by macroeconomic factors.
“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.”
Based on Vays’ chart, he sees Bitcoin rallying to a new all-time high above $100,000.
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