Veteran trader Tone Vays is Bitcoin (BTC) in the near future, saying that the Bitcoin chart looks “terrible” in the short term.
In a new video on Tuesday, the analyst pointed out that BTC was “rejected” by the 200-week moving average last week.
At the time of Vays’ video, BTC was trading for about $ 21,000. Traders pointed out that if the Bitcoin pass did not bounce above $ 22,000 in the next 24 hours, it would be “very ugly.”
Vays predicted that if Bitcoin fails to hold around the $20,600 line, it will repeat the price plunge of mid-June and plummet to $14,000.
“If we don’t maintain this midline, it’s very likely that the catastrophe of consolidation with a major collapse will be repeated … if we return to this low range.”
But BTC does just that, and at the time of writing it is trading at $ 22,763. Top-ranked crypto assets by market capitalization have increased by more than 7% in the past day.
Its price is currently roughly on par with Bitcoin’s 200-week moving average, currently hovering around $22,750, according to a crypto analysis firm. coin glass..
Bitcoin is down more than 67% from its record high of $ 69,044 in early November. Top crypto assets have fallen by more than 2% in the past week, but have increased by almost 10% in the past month.
The market capitalization of cryptocurrencies has also risen by more than 7% in the last 24 hours, according to. CoinGecko.
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