Trader Tone Vays finds signs of a new collapse of the crypto market

The expert believes that the price movement of bitcoin repeats the pattern of May of this year

12.09.2022 - 13:15

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What’s new? Crypto trader and investor Tone Vays warned of a possible bitcoin crash similar to that of the 2018 bear market. According to Vays, the asset is repeating the price movement of May 2022, when it showed signs of recovery but eventually collapsed. Vays added that bitcoin's current price movements are also reminiscent of the way the asset performed between July and November 2018. Back then, the trader predicted a $6000 support breakout months before it happened.

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What else does Vays say? According to the expert, bitcoin has a tendency to confuse traders before showing active growth. He added that the rate of the first cryptocurrency can only look promising when it reaches the $25 000 mark as a new bottom. The trader predicted a massive drop in bitcoin to around $11 900, which suggests the risk of a decline of more than 45% from the current price of $22 000.

As of September 12 at 13:05 UTC, bitcoin is trading at $22 318, having gained 3,56% overnight, according to Binance.

In late July, Vays said he expected a new low for bitcoin. In his opinion, the asset could lose 33% of its value and hit a new bottom at $14 000.

Also, Peter Schiff, head of the brokerage firm Euro Pacific Capital, said that bitcoin's support at $20 000 was not real and would end up being a false bottom.

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