Veteran trader Tone Vays says he’s waiting for the best opportunity Bitcoin (BTC) to buy amid the flagship crypto asset’s bearish price action.
In a new video, Vays tells his 121,000 YouTube subscribers that unless bulls emerge soon, Bitcoin is likely to continue its downtrend and lose its psychological support at $30,000.
“We need to get back into that triangle sometime this month. Otherwise this is the future. This is the way for Bitcoin. Hopefully it happens, say, next month and maybe it ends at around $23,000.”
Source: Tone Vays/YouTube
Looking at the weekly chart, Vays says BTC is looking “absolutely awful” as Bitcoin is flashing multiple bearish signals.
“We are about to form a brand new weekly closing low, which is problematic. This may be the second lowest closing low in about a year, over a year, and that doesn’t bode well. This is not a bullish sign…
When something falls, I don’t just jump into a falling knife. You need a reason to do it, and feelings are not a reason. They either need a technical analysis, a fundamental change, or enough time to pass. “
With a bleak outlook for BTC, Vays says it will likely take months for Bitcoin to hit a bear market bottom.
“I will be a buyer of Bitcoin to the bottom at the end of the year. If bitcoin just keeps struggling and going down and going down and going down and down and we’re sitting here at $25k in November, I’m going to take that as if the bear market has come to an end over time.
time, not price. Time because with enough time going you don’t have to go as deep but with less time going you have to go deeper to end this bear market. Either we need an imminent drop into $20,000, mid-$20,000, or we give it another six months of frustration and then the bear market ends either way.”
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Source: Crypto News Deutsch