Seasoned trader Tone Vays says he’s expecting Bitcoin (BTC) traders and investors alike to succumb to panic and sell their BTC stacks in the coming days.
In a new strategy session, Vays tells his 121,000 YouTube subscribers that both the monthly and weekly charts look nasty as Bitcoin struggles to stay above the key psychological level of $30,000.
The veteran trader says that Bitcoin investors should brace themselves for a possible strong sell-off event in the next seven days.
“It is very likely that next week we’ll have our capitulation. If we go to the low $30,000 range… That could be a nice buying opportunity. But that buying opportunity is still more likely to just get back to $37,000 and then make another new low later this summer. It’s just not a very good-looking chart.”
At time of writing, Bitcoin is changing hands for $30,470, a level not seen in the last 10 months.
Vays also says that he’s keeping a close watch on the momentum reversal indicator (MRI), a metric that predicts trend continuations and reversals based on an asset’s price momentum. Looking at the MRI, Vays says that bearish momentum will reign for the next three months.
“The daily chart is going to be going down for a little while, according to the MRI. The MRI still says about four to five more days of downside. The weekly scale has about four or five more weeks of downside. The monthly scale has about three more months of downside.”
Recently, Vays predicted that BTC will likely bottom out in November this year at around $25,000.
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