A veteran Bitcoin (BTC) trader said that capitulation is imminent for the largest crypto asset by market cap.
In a recent live broadcast, Tone Vays stated that there is not enough volume in the BTC markets to say that we are still in the capitulation period. The term refers to a period of strong selling activity in which investors give up their positions and sell their holdings as quickly as possible.
“We are not there yet. We’re almost here, this is a terrible time… The other problem is that it reveals that this is not over on a daily scale. The voice tells you it’s not over. This volume would have to be significantly higher than this volume for us to accept that this is a capitulation.”
Vays then evaluated Bitcoin’s momentum reversal indicator (MRI). MRI is an indicator that shows whether a cryptocurrency’s price momentum will continue or reverse. According to the trader, BTC’s MRI shows that there may be a few more days of downside before a reversal occurs in the market. On the other hand, according to Vays, BTC will probably not fall below $19,000.
“There are signs of a reversal on the candle here. According to the MRI, we may be at a disadvantage here for another four or five days. Can we go down to $17,180k? Yes. In fact, if we go as high as $19,000, we will pull back perfectly to the previous high, after that, if we go even lower, it could drop as low as $14,000 in the next stage.
Personally, I don’t think we’re going to go that low. I always say between $21,000 – $22,000, enter Bitcoin…”
You can check the price movements 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.