The veteran crypto trader who predicted Bitcoin’s crash during the 2018 bear market is warning that a similar type of meltdown could be on the horizon for BTC.
Seasoned trader Tone Vays tells his 121,000 YouTube subscribers that Bitcoin appears to be following its price action of May of this year when it showed signs of recovery before eventually breaking down.
“Right here (May 2022), the move was to the downside and it like flirted with the upside but then it still crashed. And then [now], the same thing is happening, and the same thing happened in the past.”
Vays adds that Bitcoin’s current price action is also reminiscent of how BTC performed between July and November of 2018. Back then, Vays called for the break of $6,000 support months before it actually happened.
According to Vays, Bitcoin has the tendency to confuse traders before making its big move.
“[Bitcoin] keeps not doing what it’s supposed to do until it eventually does.”
“The obvious trade here is a big drop but that doesn’t mean that the big drop will not happen next week or the week after, which is why I’m not interested in bullish trades at all right now because I’ve seen this movie play out many times…
It will look promising to me only after we establish $25,000 as the new floor. Then, it’s going to become interesting.”
Looking at the trader’s chart, he appears to be predicting a massive drop to around the $11,900 area, suggesting a downside risk of over 45% from BTC’s current price of $22,000.
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun/Sensvector