Veteran Trader Tone Vays Issues Bitcoin Warning, Says Real BTC Pullback Imminent
A seasoned crypto trader is issuing a warning to investors about Bitcoin (BTC), saying a real pullback could be on the horizon for the crypto king.
In a new video update, veteran crypto strategist Tone Vays tells his 123,000 YouTube subscribers that the top crypto asset by market cap failed to capture a critical support level, which could lead to a short-term price drop.
According to Vays, BTC narrowly missed a pullback earlier in the cycle, but only managed to quell the issue temporarily. The analyst says to expect a “significant” decline in the coming weeks.
“We were rejected by a very critical level of resistance [$25,500]. I have warned about this level. I have said that this is a very challenging time to navigate, because had we gathered right into [a] death cross [on February 13th]it would have been obvious that it was time for a really significant pullback, but we reversed earlier and the pullback wasn’t very deep, so now we’re in a situation where the real pullback could come in the next few weeks.”
Vays goes on to say that he expects BTC to fall towards the $20,000 level, adding that should it fall below that, he plans to allocate more of the crypto asset to his portfolio. However, he says the only scenario that could land BTC below that price is another FTX-like disaster within the crypto industry.
“Don’t be surprised if we end up dropping down to $20,000. Although I don’t think we’ll drop too much further below $20,000. [That price] is my ultimate buy the dip… Pending a monster disaster, like Binance going the way of FTX, I don’t see Bitcoin falling below $20,000.”
Bitcoin is trading at $23,399 at the time of writing, up 1% in the last 24 hours.
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Featured image: Shutterstock/Jorm S
