Tone Vays, a seasoned cryptocurrency analyst, predicts that Bitcoin (BTC) will likely experience an adverse move before a bullish cycle can be confirmed.
Vays tells his 123,000 YouTube subscribers that Bitcoin is likely to fall by more than 13% from its current price before a meaningful rally can occur.
“I still believe there is a good chance of one more capitulation, down into the sub-$15,000 range.”
At the time of writing, Bitcoin is worth $17,154.
The veteran crypto trader says his short-term bearish sentiment stems from the belief that Bitcoin stayed in a range for too long after plunging to two-year lows in November, which he notes is unusual behavior when an asset’s price has bottomed out.
“The main reason I believe that is because we spent far too much time at $16,000 lows.”
The way markets usually bottom is that you only have a few hours to buy the perfect low. You don’t have a week to consider buying the perfect low.
You either have a limited amount of time to purchase the perfect low, or it spends so much time at the perfect low that people do not believe it is low. This is why I am still concerned about another capitulation.”
According to Vays, Bitcoin entry opportunities will emerge once the flagship crypto asset capitulates or confirms a rally.
“Either we crash below $15,000, which would be a fantastic buy-the-dip opportunity. “Alternatively, you can wait and buy the breakout above $21,500.”
