Bitcoin fell through a crucial support level over the weekend, falling to its lowest level since January. The Bitcoin price is currently nose-diving below the lower boundary of the channel and has breached below the $34,000 barrier. Further bearish movement, on the other hand, could identify the supports at $30,000, $28,000, and $26,000, allowing BTC to fall much further.
When Should You Accumulate Bitcoin?
In the midst of Bitcoin’s adverse market action, veteran trader Tone Vays says he’s waiting for the perfect moment to buy.
In a recent video, Vays says that unless bulls step up to the plate soon, Bitcoin will likely continue its downward trajectory and test psychological support at $30,000.
This month, Bitcoin needs to get back into the triangle. Otherwise, this is how things will be. This is where Bitcoin is headed. Perhaps it will happen next month, and the price will be around $23,000.
Vays thinks Bitcoin looks “absolutely terrible” on the weekly chart, with many red flags flashing.
Bitcoin is currently developing a brand new weekly closing low, which is concerning. This could be the second-lowest closing low in nearly a year, if not over a year, and that’s not a good indication.
With a bleak forecast for Bitcoin, Vays believes it will take months for Bitcoin to reach a bear market bottom.
If Bitcoin continues to struggle and fall, and we find ourselves at $25,000 in November, I’ll consider the bear market to be over. Either we need an impending crash down into the $20,000 range, or we’ll give it another six months of pain, and the bear market will conclude in either case.