Why bitcoin will collapse by another 33%. Trader Tone Vays’ opinion
According to the expert, the price of the first cryptocurrency may fall to $14 000
26.07.2022 - 10:25
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The material does not constitute an investment recommendation and is published for informational purposes only.
What’s new? Cryptocurrency trader and investor Tone Vays expects a new low in the bitcoin rate as the asset failed to sustain its bullish momentum. Vays believes that BTC could lose more than 33% of its value after falling below the key $21 500 level. According to the trader, bitcoin could fall as low as $14 000. As of July 26, 10:40 UTC, the asset is trading at $21 074, having lost 4,38% in value per day, according to Binance.
What else does the expert say? Assessing the weekly chart, Vays expressed disappointment that bitcoin closed below the 200-week moving average (200WMA), an indicator that many traders see as a possible trend reversal area for BTC. The trader also stressed the importance of bitcoin support above the $20 000 level. He assumed that the price of the asset will not fall to $14 000 if the recovery to the levels of the 128-day moving average begins in the coming days.
A Moving Average is the average value of a cryptocurrency’s price over a certain time period.
In early July, Vays said that bitcoin could set a 2022 price low if it breaks the $19 000 support level.
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