The crypto trader who nailed Bitcoin’s collapse during the 2018 bear market is predicting an imminent capitulation phase for BTC.
In a new strategy session, crypto analyst Tone Vays tells his 121,000 YouTube subscribers that he sees Bitcoin going through a painful leg down in the coming days.
“I still think a capitulation next week or the week after is very, very possible.”
Looking at Bitcoin’s four-day chart, Vays says bears are still in control of the king crypto.
“Disastrous looking candle. Everything here is calling for a short position.”
Based on the analyst’s chart, Vays appears to be expecting a Bitcoin correction down to the $15,000 price area. At time of writing, Bitcoin is changing hands for $18,743, flat on the day.
Although the seasoned trader is expecting a new bear market low for BTC, Vays says the correction will present the “perfect opportunity” for Bitcoin bulls.
“I think we’re going to go to a second consecutive MRI buy, and then all the stars and the moon will align… We already have a monthly MRI buy on Bitcoin. We’ll have a monthly MRI buy next month in the stock market… The weekly MRI buy won’t come in three weeks, so that’s going to align as well. So sometime in early October we should align with everything.
If we crash down to $14,000, $15,000 in Bitcoin, everything will align with the MRI for the perfect buying opportunity.”
Vays relies on his momentum reversal indicator (MRI), an advanced script for professional traders that signals the end of trends based on the momentum in price action.
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/Leonid studio/Sensvector