Senior trader Tone Vays said he is waiting for the best opportunity to buy the flagship crypto asset amid the downward move in Bitcoin (BTC) price.
In a new video, Vays tells his 121,000 YouTube subscribers that unless the bulls act soon, Bitcoin will continue its downward trajectory and drop below the psychological support of $30,000.
“We need to come back to this triangle at some point this month. Otherwise, this will come. This is the way of Bitcoin. I hope it happens next month and ends maybe around $23,000.”
Looking at the weekly chart, Vays says that BTC looks “absolutely terrible” as Bitcoin is showing multiple bearish signals.
“We are in the process of establishing a brand new weekly closing low that is problematic. Potentially, this would be the second lowest close in nearly a year, and that doesn’t bode well. This is not a bullish sign…
When something falls, I don’t buy a falling asset. You need some kind of reason to do this, and emotions are not a reason. You either need technical analysis or you need some kind of fundamental change or you need time.”
With a bleak outlook for BTC, Vays added that it will likely take months for Bitcoin to form a bear market base.
“At the end of the year, I will be the lowest Bitcoin buyer. If Bitcoin just continues to struggle, slide down and trade at $25,000 in November, then by then I’ll be buying when the bear market is over.
Time is not price. It’s time because when enough time has passed, you don’t need to go that low, but when enough time has passed, you need to go lower to end the bear market. We either need a drop near the $20,000 range or we’ll give it another six months of disappointment and then either way the bear market will be over.”
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.