Analyst Tone Vays Warns of Significant Price Correction, Casting Bearish Shadow on BTC
Prominent crypto analyst Tone Vays is sounding the alarm, warning that Bitcoin (BTC) could be on the verge of a significant market correction, despite its strong performance last week.
Correction in BTC Price
In a recent YouTube video, trader Tone Vays expressed his concerns about a potential drop in the value of Bitcoin, predicting that it could fall to the mid-$30,000 range if it fails to regain a crucial level.
Vays emphasized the indicators pointing towards a more substantial correction, stating, “All signs are indicating a much larger correction. I hope this doesn’t happen. I really hope we see an upward movement from here.” The analyst emphasized the importance of Bitcoin surpassing specific moving averages, setting a benchmark at $44,000 for a bullish outlook or a drop to $36,000 for a potential buying opportunity.
While acknowledging the possibility of an interim level around $39,000, Vays stressed the significance of a decisive movement either above the $44,000 moving average or down to $36,000, where crucial support factors align.
Speculation on Pre-Halving Drop
Addressing speculation about a pre-halving drop, Vays dismissed the idea, stating, “Do I think the pre-halving dump has begun? No, I wasn’t expecting a pre-halving dump.” Vays indicated that historically, such events occur closer to the actual halving, which is not expected until April.
Vays expressed confidence that Bitcoin is unlikely to revisit the $20,000 range, considering $30,000 as the absolute bottom, barring unforeseen catastrophic events. He emphasized that extreme circumstances would be required for Bitcoin to reach $30,000.
Currently, Bitcoin is trading at $42,622, reflecting a decrease of nearly 0.56% in the last 24 hours, as reported by Coinpedia News.
As the crypto community waits for potential market shifts, Vays’ insights contribute to the ongoing discussions about Bitcoin’s trajectory and the possibility of a significant correction in the near future.