The famous crypto trader, who correctly predicted the collapse of Bitcoin during the 2018 bear market, shared the updated forecast for BTC.
Crypto analyst Tone Vays told 121,000 YouTube subscribers in a new strategy session that Bitcoin could go through a painful decline in the coming days.
“I still think a capitulation is very, very possible next week or the week after.”
Koinfinans.com As we have previously reported, capitulation refers to a period of strong selling activity in which investors give up their positions and sell their holdings as quickly as possible.
Looking at Bitcoin’s four-day chart, Vays stated that the leading cryptocurrency is still under the control of bears.
“Calamity-looking candle. Everything here requires a short position.”
According to the analyst’s chart, Vays seems to be waiting for a Bitcoin correction up to the $15,000 price area.
At the time of writing, Bitcoin is trading at $18,876, down 1.32% on the day.
While the veteran trader is waiting for a new drop for Bitcoin, he adds that this potential correction will present a “perfect opportunity” for Bitcoin bulls.
“If we drop $14,000, $15,000 in Bitcoin, everything will be MRI compatible for the perfect buying opportunity.”
As can be seen, Vays uses Bitcoin’s momentum reversal indicator (MRI) in his analysis. MRI is an indicator that shows whether a cryptocurrency’s price momentum will continue or reverse.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.