Trader Tone Vays Says Bitcoin Capitulation Is Imminent – Here’s His New Crypto Outlook
The crypto trader who spotted Bitcoin’s collapse during the 2018 bear market is predicting an imminent capitulation phase for BTC.
In a new strategy session, cryptoanalyst Tone Vays tells his 121,000 YouTube subscribers that he sees Bitcoin going through a painful leg in the coming days.
“I still think a capitulation next week or the week after is very, very possible.”
Looking at Bitcoin’s four-day chart, Vays says the bears are still in control of the king crypt.
“Fighty looking candles. Everything here requires a short position.”
Based on the analyst’s chart, Vays seems to expect a Bitcoin correction down to the $15,000 price range. At the time of writing, Bitcoin is trading hands at $18,743, flat on the day.
Although the seasoned trader expects another bear market low for BTC, Vays says the correction will provide the “perfect opportunity” for Bitcoin bulls.
“I think we’re going to go to a second MR buy in a row and then all the stars and the moon will align… We already have a monthly MR buy on Bitcoin. We will have a monthly MR buy next month in the stock market… The weekly MR buy isn’t coming for three weeks, so that’s going to count as well.So sometime in early October we should adjust to everything.
If we crash down to $14,000, $15,000 in Bitcoin, everything will line up with the MR for the perfect buying opportunity.”
Vays relies on its momentum reversal indicator (MRI), an advanced script for professional traders that signals the end of trends based on the momentum of price action.
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