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Bitcoin Forming ‘Nasty’ Bearish Pattern That Could Trigger Breakdown to Levels Last Seen in Q2 2020: Trader Tone Vays

by Daily Hodl Staff
October 17, 2022
in Bitcoin, Trading

The veteran crypto trader who nailed Bitcoin’s 2018 bear market collapse warns that BTC is setting up for another epic crash.

In a new strategy session, trader Tone Vays tells his 121,000 YouTube subscribers that Bitcoin is forming a descending triangle, a pattern that BTC also printed during the height of the 2018 bear market when the king crypto nosedived from $6,000 to around $3,000.

“This would be a potential triangle, and it actually is a triangle. It’s a nasty one. I don’t like it.”

According to Vays, a breach of the triangle’s horizontal support could drive Bitcoin to a level last witnessed in April of 2020.

“Based on this triangle, what is our projected move? We can take a look at the height of this triangle… That’s 60%… That takes us down quite a bit doesn’t it? Takes us down to $7,000. Yeah, that’s scary.”

Source: Tone Vays/YouTube

While Bitcoin melting down to around $7,000 appears to be the technical target of the pattern’s breakdown, Vays says he doesn’t see BTC plunging even close to that level.

“So even though [$7,000] is the target of the triangle, I don’t believe we are going to achieve this target. A more realistic target is something like $11,000 to $12,000 range.”

At time of writing, Bitcoin is trading at $19,178. A correction to Vays’ realistic target represents a downside potential of about 40% for the leading crypto asset.

I

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