Seasoned investor Tone Vays says that Bitcoin (BTC) is on the verge of another breakdown which could send the price of the leading crypto asset to a new 2022 low.
In a new strategy session, Vays tells his 121,000 YouTube subscribers that Bitcoin’s outlook remains bleak as BTC tries to “desperately” cling to the $19,000 level.
“[The] weekly chart is having a disastrous candle once again. It’s a red star candle. It’s going to close near the lows unless there’s a monster rally, but it’s a holiday weekend, so I doubt it… Right now, this is a bearish look… The four-day chart, also a bearish look. That’s why we’re in [100%] cash.”
Looking at the daily chart, Vays says that Bitcoin is at the brink of breaching support at $19,000, which he notes could ignite another sell-off event.
“The daily chart is getting ready for an MRI [momentum reversal indicator] buy. That’s good news. What’s the bad news? The bad news is we’re about to break very critical support and that can send the price of Bitcoin significantly lower, so we’re going to keep an eye on this development and hopefully early next week will be a nice turnaround with an MRI buy Similar to what happened two weeks ago.”
Looking at Vays’ chart, a break of Bitcoin’s immediate support could drive BTC to his target at around $14,500.
At time of writing, BTC is changing hands at $19,215. A move to Vays’ target represents a downside potential of nearly 25% for the top crypto asset by market cap.
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