Veteran trader Tone Vays says that he’s waiting for the best opportunity to buy Bitcoin (BTC) amid the flagship crypto asset’s bearish price action.
In a new video, Vays tells his 121,000 YouTube subscribers that Bitcoin will likely continue its downward trajectory and take out its psychological support at $30,000 unless bulls step up to the plate soon.
“We need to get back into this triangle sometime this month. Otherwise, this is the future. This is the path for Bitcoin. Hopefully it happens, say, next month and maybe it’ll end at around $23,000.”
Glancing at the weekly chart, Vays says BTC looks “absolutely terrible” as Bitcoin flashes multiple bearish signals.
“We are in the process of forming a brand new weekly closing low, which is problematic. Potentially, this is going to be the second-lowest closing low in about a year, in over a year, and that’s not a good sign. That’s not a bullish sign…
When something is falling, I don’t just jump into catching a falling knife. You need some kind of reason to do it and feelings is not a reason. You either need technical analysis or some kind of fundamental change or enough time has to go by. “
With a gloomy outlook for BTC, Vays says that it will likely take months before Bitcoin can carve out a bear market bottom.
“I will be a buyer of Bitcoin at the low at the end of the year. If Bitcoin continues to just struggle and go down and down and down and down and here we are in November sitting at $25,000, I’m going to take that as the bear market has ended, according to time.
Time, not price. Time because with enough time that goes by, you don’t need to go as low but with less time that goes by, you need to go lower to end that bear market. Either we need an imminent crash down into the $20,000 range, mid-$20,000 range, or we are going to give it another six months of frustration and then either way, the bear market ends.”
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