Renowned trader predicted bitcoin to fall to $23 000

Tone Vays believes it may take months for BTC to reach the bottom of the bear market

09.05.2022 - 07:25

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What’s new? Renowned trader Tone Vays stated in his YouTube video that bitcoin will continue to fall over the next few months and may hit the $23 000 mark. Referring to the charts, Vays says that BTC looks “absolutely terrible” as it is giving a lot of bear market signals.

What else did the trader add? Vays stressed that he is waiting for the right time to buy the first cryptocurrency. The trader also added that bitcoin may take months before it can hit the bottom of the bear market.

Source: Dailyhodl.com

“We are in the process of forming a brand new weekly closing low, which is problematic. Potentially, this is going to be the second-lowest closing low in about a year, in over a year, and that’s not a good sign,” Vays explained.

What happened before? Well-known crypto analyst Benjamin Cowen predicted a “choppy” movement of bitcoin. He believes that bitcoin will trade without a clear direction in the coming months. The asset will experience “fairly choppy months ahead” as the US Federal Reserve System (Fed) intensifies its efforts to fight inflation, including rising interest rates.

Bridgewater Associates founder Ray Dalio called bitcoin not a good competitor against gold. He attributed this to the fact that digital asset is banned in a number of countries and has privacy issues.

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