Renowned crypto analyst Tone Vays is issuing a cautionary warning, suggesting that Bitcoin (BTC) may be on the brink of a more significant market correction, despite its robust performance last week.
BTC Price Correction
In a recent YouTube video, trader Tone Vays expressed concerns about a potential dip in Bitcoin’s value, projecting a descent into the mid-$30,000 range if it fails to reclaim a critical level.
Vays emphasized the signs pointing to a more substantial correction, stating, “All signs are pointing to a much, much bigger correction. I hope this doesn’t happen. I really hope we go up from here.” The analyst highlighted the need for Bitcoin to break above specific moving averages, setting a benchmark at $44,000 for a bullish stance or a descent to $36,000 for a potential buying opportunity.
While acknowledging the possibility of an interim level around $39,000, Vays stressed the importance of a decisive move either above the $44,000 moving average or down to $36,000, where crucial support factors converge.
Pre-halving Dump Speculation
Addressing the speculation about a pre-halving dump, Vays dismissed the notion, stating, “Do I think the pre-halving dump has started? No, I wasn’t anticipating the pre-halving dump.” Vays indicated that historically, such events occur closer to the halving, which is not expected until April.
Vays expressed confidence that Bitcoin is unlikely to revisit the $20,000 range, considering $30,000 as the absolute bottom, contingent upon unforeseen catastrophic events. He underscored that such drastic scenarios would be necessary for Bitcoin to reach $30,000.
As of now, Bitcoin is trading at $42,622, reflecting a nearly 0.56% decrease in the last 24 hours as reported by Coinpedia News.
As the crypto community watches for potential market shifts, Vays’ insights add to the ongoing discussions about Bitcoin’s trajectory and the possibility of a notable correction in the near future.
