During the 2018 bear market bitcoin A seasoned crypto trader who predicted its collapse warns that a similar drop for BTC may be on the horizon.
Veteran trader Tone Vays said that Bitcoin appears to be following the price action from May of this year. According to the analyst, Bitcoin showed signs of recovery before falling back at that time.
“Right here (May 2022), the movement was down and it looked like it was going to move up but then it still collapsed. Now, the same thing is happening, and the same thing has happened in the past.”
Koinfinans.com As we reported, Vays adds that the current price action of Bitcoin is a reminder of the performance of 2018 between July and November. At the time, Vays had warned that the Bitcoin price would break the $6,000 support months before it happened.
According to Vays, Bitcoin tends to confuse traders before making its big move.
“[Bitcoin]It doesn’t do what it’s supposed to do until it finally does.”
“The obvious transaction here is a big drop. [gösteriyor] but that doesn’t mean the big drop won’t happen next week or the next, so I’m not at all interested in bullish trading right now because I’ve seen this moment happen many times…
It will look promising to me once you set $25,000 as the new ground. That’s when it will be interesting.”
Looking at the trader’s chart, Vays seems to be predicting a massive drop for Bitcoin around $11,900, indicating a downside risk of over 45% from BTC’s current price of $22,000.
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.