Tone VaysTone Vays, the seasoned trader states that a bearish on the largest cryptocurrency Bitcoin (BTC) is close, and mentioned that the asset chart for the short term looks “terrible”. Also, in a new video this Tuesday, the analyst made sure to mention that Bitcoin got rejected by the 200-week moving average last week.
By the time of Vays’ video, the largest cryptocurrency is trading at $21K, he also spotted the light on the fact the path of Bitcoin might get super ugly if the asset failed to jump back to more than $22K in the next 24 hours.
He predicted that if the leading asset did not hold the line at $20,600, it might repeat its mid-June price plummet and decrease all the way down to $14K. But Bitcoin did more than that, as the leading asset started trading at $22,763 with more than 7% in the past day.
“If we do not hold this middle line, we have a very high probability of repeating this entire disaster of consolidation with a massive breakdown… if we get back into this lower range.”
According to the crypto analytics firm Coinglass, BTC price sits around the asset’s 200-week moving average. However, Bitcoin, is still down by more than 65% from its all-time high of $69,044.
By the time of writing this article, Bitcoin (BTC) is trading at $23,982.09 in green.