Veteran Bitcoin (BTC) analyst Tone Vays is warning that the flagship crypto asset is facing a pivotal moment.
While revealing that he’s lowering the Bitcoin allocation in his portfolio, Vays tells his 122,000 YouTube subscribers that chances of BTC falling are now high as the selling pressure is elevated.
“Bitcoin continues to struggle and as expected I did say on the last stream that there is a high probability that Bitcoin is going to drop down to the next moving average. And I also made it very clear that if today’s candle is going to drop below yesterday’s candle that it would be time to lower the allocation to 50% because we don’t know where it’s going to go next. Bitcoin can do anything.
It can easily go below the $25,000 low, we have no idea. There’s still plenty of people with large amounts of Bitcoin that are selling it for God-knows-what reason…”
According to the veteran trader, a wave of selling from panicked investors and traders could ensue if Bitcoin were to revisit the $25,000 psychological support level.
“If the market was to challenge these $25,000 lows, it is actually possible for Bitcoin to fall significantly lower.
This is the area [around $25,500] we can’t really afford to go below. We are already flirting with a disaster. So this looks really bad.
Bitcoin needs to immediately reverse and by immediately I mean this month. It doesn’t have the opportunity to go down for another month because then massive panic is going to set in and a lot of miners are actually going to be in trouble if Bitcoin starts falling below $25,000 and for the potential to crater down below $20,000.”
Bitcoin is trading at $29,483 at time of writing.
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