Veteran crypto trader and analyst, Tone Vays, has recently stated that Bitcoin (BTC), the largest cryptocurrency by market capitalization, could soon face a fresh dip, which could send its price to a new 2022 low.
In a recent strategy session, Vays told his teeming YouTube subscribers that Bitcoin’s outlook shows that it’s not strong enough to hold its current price level as a support for recovery.
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Considering the outlook of the daily chart, the veteran trader said Bitcoin is likely on the verge of breaching the $19,000 support level, which could initiate another massive sell-off.
Tone Vays noted:
“The weekly chart is having a disastrous candle once again. It’s a red star candle. It’s going to close near the lows unless there’s a monster rally, but it’s a holiday weekend, so I doubt it… Right now, this is a bearish look… The four-day chart, also a bearish look. That’s why we’re in [100%] cash…
“The daily chart is getting ready for an MRI [momentum reversal indicator] buy. That’s good news. What’s the bad news? The bad news is we’re about to break very critical support and that can send the price of Bitcoin significantly lower, so we’re going to keep an eye on this development and hopefully early next week will be a nice turnaround with an MRI buy similar to what happened two weeks ago.”
Tone Vays Sets His Price Target
The chart shared by Tone Vays during the strategy session shows that a break of Bitcoin’s current support level at $19,000 could send BTC down to $14,500.
At the time of filing this report, Bitcoin (BTC) is trading at $19,133. This shows that Vays’ price target represents a relatively 25% dip from the current price.