Tone Vays, a veteran crypto trader, has recently issued a Bitcoin (BTC) price trend warning, stating that the flagship cryptocurrency will possibly encounter a major pullback.
In a new strategy session, Vays told his teeming YouTube subscribers that Bitcoin failed to attain a critical support level, which could cause a short-term price decline.
Read Also: Economist Alex Kruger States Why Bitcoin (BTC) Surging by Over 40% from $23K Is Feasible
The legendary strategist stated that BTC narrowly escaped a pullback earlier in the cycle, but the escape could be temporary. Vays said traders should expect a notable pullback in the coming weeks.
The analyst further stated that he expects BTC to dip toward the $20,000 level, adding that if it happens to drop below that, he plans to allocate more of the crypto asset to his portfolio.
Howbeit, he pointed out that the only scenario that could land BTC below that price is another FTX-like catastrophe within the crypto industry.
Tone Vays noted:
“We got rejected by a very critical resistance level [$25,500]. I have been warning about this level. I have said this is a very challenging time to navigate because had we rallied right into [a] death cross [on February 13th], it would have been obvious that there was time for a really significant pullback, but we turned earlier and the pullback was not very deep, so now we’re in a situation where the real pullback might be coming over the next few weeks…
“Don’t be surprised if we end up falling down to $20,000. Though I don’t think we’re going to fall too much further below $20,000. [That price] is my ultimate buy the dip… Pending some monster catastrophe, like Binance going the way of FTX, I don’t see Bitcoin falling below $20,000.”
Read Also: Top Analyst Warns of a Bull Trap, States Why He Thinks Current Bitcoin Price Rally Is Unsustainable
At the time of filing this report, BTC is trading at $23,491, with a 1.3% price uptrend in the last 24 hours.
Follow us on Twitter, Facebook, Telegram, and Google News
The XRP chart on the 4-hour timeframe shows a sharp recovery after a recent dip…
Bullish Chart Patterns Indicate Reversal Potential Stellar (XLM) is displaying strong reversal patterns across lower…
The financial world is abuzz following a bold forecast by global banking giant Standard Chartered,…
In a recent X post that has stirred up excitement across the crypto community, Random…
The XRP is showing signs of a short-term bullish recovery after a steep correction, currently…
In a groundbreaking development that could dramatically accelerate institutional adoption of XRP, NYSE Arca has…
