Veteran Trader Tone Vays Warns of Impending Bitcoin Correction
Veteran trader Tone Vays is cautioning that Bitcoin (BTC) may soon experience a significant market correction. In a recent video update, Vays tells his YouTube subscribers that if Bitcoin fails to reclaim a crucial level, it could drop into the mid-$30,000 range.
Vays explains that he will remain on the sidelines with cash until Bitcoin breaks out above certain moving averages. He needs to see a daily close at $44,000 or a move to $36,000 in order to go long on Bitcoin. However, he also mentions the possibility of finding a good buying opportunity at around $39,000.
Vays does not believe that the current dip in Bitcoin’s price is indicative of the pre-halving dump typically seen before halving events. He anticipates that the next halving event will occur in April.
The trader asserts that he does not expect Bitcoin to drop below $30,000 unless there is a catastrophic event. He also rules out a return to the $20,000 range.
Hot Take: Tone Vays Urges Caution Amidst Potential Bitcoin Correction
Tone Vays, an experienced trader, has issued an urgent warning about a potential market correction for Bitcoin. He emphasizes the importance of Bitcoin breaking above specific moving averages, failing which the cryptocurrency could dip into the mid-$30,000 range. Vays advises caution and suggests staying on the sidelines with cash until there is a breakout. While he entertains the possibility of a buying opportunity at $39,000, he stresses that a move above $44,000 or a drop to $36,000 would be more ideal. Vays believes that the current dip is not indicative of the pre-halving dump and predicts that Bitcoin will not drop below $30,000 unless there is a catastrophic event.
By
By
By
By