Trader Tone Vays explains possible drop in the bitcoin rate to $14 500

According to the expert, a drop in value is possible if the asset fails to stay in the $19 000 range

04.07.2022 - 14:00

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1 min

What’s new? Cryptocurrency trader and investor Tone Vays has said that bitcoin could set a new 2022 price low if the asset breaks through the current support level. Based on the analysis of the daily chart, the trader assumed that BTC is on the verge of breaking through the $19 000 level, which could be followed by a new sell-off. According to him, in this case, the first cryptocurrency’s rate could fall to the $14 500 level.

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As of July 4, 14:30 UTC, bitcoin is trading at $19 602, having gained 2,88% per day, according to the Binance exchange.

Tone Vays began his career as a risk analyst at Bear Stearns, then in 2008, he became a vice president at JPMorgan. He was also head of research at BraveNewCoin, and since 2014 has been acting as a consultant on the initial coin offerings (ICOs). On his YouTube blog with 121 000 subscribers, he talks about the prospects of the cryptocurrency market.

Earlier, CNBC analyst Brian Kelly noted that the bitcoin rate could hit a new bottom even taking into account that the asset traded 70% below its all-time high (ATH). He allowed the possibility of the BTC value to fall by almost 50% from current levels as the macroeconomic situation worsened, meaning it would hit the $10 000 mark.

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