Popular crypto trader Tone Vays considers the position of Bitcoin after dipping to below $42,000 within minutes.
Furthermore, Tone Vays notes that if stock markets can have a rally in the early stages of the week, the Bitcoin may have a chance to hit $53,0000 again.
More so, Tone Vays highlights that Bitcoin has a V-shape reversal back into a bullish trend. Also, he notes that there’s a strong buying demand as when Bitcoin hits $42,000 from $47,000
So, Tone Vays explains.
“I do think this is going to be like a V-shaped reversal…”
“You’re not going to get another chance to buy this dip. If you happened to go to the bathroom…”
“during this crash from $43,000 to $41,000, you kind of missed it…”
“On an hourly scale, you only got less than an hour between $47,000 and $41,500…”
“You did get another chance to buy at $47,000, but you didn’t get a chance to buy sub-$45,000.”
Additionally, Tone Vays explains what’s in expectations after the dip last weekend. Then, He points out that Bitcoin is in a position of hitting new all time highs this year.
So, as per Tone, Bitcoin’s daily candle on December 4th is showing a spring-like catalyst for a new uptrend.
Then, Tone Vays adds.
“Because of the way this candle manifested itself,..”
“there is now a higher probability that of a new all-time high this year, than there was yesterday…”
“when the candle was higher because on yesterday’s candle, it still had the high chances…”
“of being a slow drag down decline followed by consolidation…”
“But the V-Shaped move actually creates additional upwards pressure of FOMO [fear of missing out].”
Currently, Bitcoin is trading at $51,110, about 26% from all-time high above $69,000.
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