Bitcoin News

Bitcoin (BTC) hitting $7,000 is now the “worst-case scenario,” veteran trader Tone Vays said on Sep. 23. 

In the latest episode of his Market Pulse YouTube series, Vays said he was looking for a BTC price bottom of $9,000.

Vays: $9,000 BTC price is “very good buy the dip” opportunity

BTC/USD has maintained $10,000 support this week but has so far failed to reclaim higher levels after its fall from $11,000 several days ago. 

“If we break down, I think $9,000 is a very good ‘buy the dip,’” Vays said.

“What is my worst case scenario low point if we break down? My worst case scenario is $7,000.”

Vays added that $9,000 for him was the “most realistic” outcome of a bearish trend taking hold of Bitcoin markets.

“The longer Bitcoin stays above $10,000, the more bullish Bitcoin is,” he continued.

“Consistency on the way up is bullish; consistency on the way down is bearish.”

Bitcoin has focused on $10,000 in a way which is bullish compared to its bottom of $3,600 in March, but less convincing versus recent highs of $12,500. Reclaim $12,000, however, and for Vays, “the sky’s the limit.”

BTC/USD 1-month price chart

BTC/USD 1-month price chart. Source: Coin360

Downside risk may be no more than 35%

As Cointelegraph reported, analysts are forming consistently more bullish prognoses for Bitcoin, even if short-term price action contains further downside.

This week, quant analyst PlanB highlighted the cryptocurrency’s 200-week moving average, which has never been broken as support, as proof that a realistic price floor is now $6,700. Next month, that level will increase to sit in line with Vays’ $7,000 prediction.

According to Cointelegraph Markets analyst Michaël van de Poppe, however, for the time being, BTC/USD has avoided losing the support that would open up the prospect of retesting the CME futures gap at $9,600.

Still in play from July, the gap is the last noticeable short-term price draw at lower levels from futures, with the only other lying much higher at $16,000.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Top Analyst Explains Why Ethereum Could Outperform Bitcoin This Cycle
Report: 55% of US Investors Show Interest in Bitcoin Investment, Covid-19 Catalyst to Changing Preferences
40 Million Troy Ounces: Russia’s Gold Find Reaffirms Bitcoin as the More Scarce Asset
Supply Chain Management Alt Coins Are Set to Explode
Southeast Asia’s Largest Bank DBS Plans to Launch a Cryptocurrency Exchange

Leave a Reply

Your email address will not be published. Required fields are marked *