The crypto trader who correctly called Bitcoin’s (BTC) collapse in 2018 is unveiling what he thinks is the king crypto’s absolute bottom.
In a new strategy session, veteran trader Tone Vays tells his 123,000 YouTube subscribers that he believes Bitcoin has “very likely” established a bear market bottom when it printed a fresh 2022 low of $15,546.
“I still think we have a bottoming process that we’re going through right now, and this is very likely to be the ultimate low ($15,546). The reason it is very likely to be the ultimate low is that nobody thinks it’s the ultimate low. Like 99% of people are convinced we’re going lower, and that’s why I think we’re not going to go lower because everyone is so sure we’re going to $11,000 or something.”
In addition to gauging overall market sentiment, Vays says that one of his favorite indicators is signaling a potential reversal for Bitcoin.
The trader says the Chaikin Money Flow (CMF), an indicator that tracks whether market participants are accumulating an asset, is flashing a bullish divergence.
“Here’s one of the best charts that I’ve seen in a while. Even though we did crash on a weekly scale, look at the amazing CMF divergence. So this is telling me that under the hood, things are actually bullish. I really like seeing CMF divergence. It’s one of my favorite indicators to identify potential reversals…
I love the fact that the CMF is almost green even though the price is still in a complete and utter disaster.”
At time of writing, Bitcoin is changing hands for $16,729, up 2.38% on the day.
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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 losses 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.
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