Is the Low In? Veteran Crypto Trader Tone Vays Plots Bitcoin Recovery Following Deep Market Correction
Veteran crypto trader Tone Vays is looking at the state of Bitcoin following the deep correction that took BTC down below $42,000 in a matter of minutes last weekend.
In a new strategy session, Vays says that if the stock markets can pull off a rally in the early stages of this week, Bitcoin may be able to muster up the strength to return above the crucial $53,500 level.
Vays predicts Bitcoin having a V-shaped reversal back into a bullish trend. He notes how quickly BTC moved from $47,000 to $41,500, indicating strong buying demand in the low $40,000 range.
“I do think this is going to be like a V-shaped reversal. You’re not going to get another chance to buy this dip. If you happened to go to the bathroom during this crash from $43,000 to $41,000, you kind of missed it… On an hourly scale, you only got less than an hour between $47,000 and $41,500. You did get another chance to buy at $47,000, but you didn’t get a chance to buy sub-$45,000.”
The closely followed trader says that after the recent market meltdown, Bitcoin actually has a higher chance of hitting new all-time highs this year than it did before the crash. According to him, Bitcoin’s daily candle on December 4th may have created a spring-like catalyst for BTC to begin a new uptrend in the coming days.
“Because of the way this candle manifested itself, there is now a higher probability that of a new all-time high this year, than there was yesterday when the candle was higher because on yesterday’s candle, it still had the high chances of being a slow drag down decline followed by consolidation. But the V-Shaped move actually creates additional upwards pressure of FOMO [fear of missing out].
At time of writing, Bitcoin is trading at $49,260, about 28% down from its all-time high above $69,000.
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Author: Daily Hodl Staff