The post Bitcoin 2020 Deja Vu : BTC Price To Enter Scary Downtrend – Predicts Tone Vays appeared first on Coinpedia Fintech News
It’s believed that the influence of the inflation the US has seen is a big part of the reason why the market for digital assets and currencies continues to be turbulent. A crisis of this magnitude has never previously been faced by BTC. When looking beyond the immediate future, is it more likely that the market will turn bullish or bearish? Certainly, it’s still too early to say.
However, the cryptocurrency trader who correctly predicted Bitcoin’s bear market crisis in 2018 warns that BTC is preparing for another massive catastrophe. Tone Vays said that Bitcoin is building a descending triangle in a new strategy session. BTC also printed this pattern at the peak of the 2018 bear market, when the king cryptocurrency fell from $6,000 to about $3,000.
Bitcoin Price Might Crash to $7,000?
A breach of the triangle’s horizontal support, in Vays’ opinion, may push Bitcoin to a level last seen in April 2020.
“This would be a potential triangle, and it actually is a triangle. It’s a nasty one. I don’t like it. Based on this triangle, what is our projected move? We can take a look at the height of this triangle… That’s 60%… That takes us down quite a bit doesn’t it? Takes us down to $7,000. Yeah, that’s scary.”
Although the technical target of the pattern’s collapse appears to be Bitcoin melting down to approximately $7,000, Vays claims he doesn’t see BTC falling even remotely near to that level. He doesn’t think BTC will hit the $7,000 mark. A more reasonable target would be in the $11,000–12,000 range, according to Vays.