Seasoned cryptocurrency analyst Tone Vays is predicting that Bitcoin (BTC) is likely to experience an adverse move ahead before a bullish cycle can be confirmed.
Vays tells his 123,000 YouTube subscribers that Bitcoin is likely to plunge by over 13% from the current price before meaningful chances of a rally can arise.
“I still think there is a decent probability of one more capitulation, down into sub-$15,000 range.”
Bitcoin is trading at $17,154 at time of writing.
The veteran crypto trader says his short-term bearish sentiment stems from the idea that Bitcoin stayed too long in a range after plunging to two-year lows in November, which he notes is atypical behavior when the price of an asset has bottomed out.
“The main reason why I believe that is because we spent way too much time at the lows of $16,000.
The way markets bottom usually is you only get a few hours to buy the perfect low. You don’t get a week to think about buying the perfect low.
You either get very little amount of time to buy the perfect low, or it spends so much time at the perfect low that people don’t believe it is a low. This is why I am still very concerned of one more capitulation down.”
According to Vays, entry opportunities for Bitcoin will arise once the flagship crypto asset capitulates or after confirming a rally.
“Either we crash sub-$15,000, and that’s an amazing buying-the-dip opportunity.
Or you wait and buy the breakout above $21,500.”
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