Bitcoin Warning: Analyst Tone Vays Predicts Correction, Eyes $36,000 Dip

Cryptocurrency analyst Tone Vays, renowned for his insightful market analyses, is sounding the alarm bells in his latest YouTube video. Despite Bitcoin’s resilient performance last week, Vays is cautioning investors about a looming market correction that could send the king cryptocurrency into a downward spiral.

Read more about it below!

Is Bitcoin Headed for a Dip?

In his recent video, Tone Vays points out worries about a potential drop in Bitcoin’s value. The experienced trader predicts a dip to the mid-$30,000 range if the cryptocurrency can’t recover a crucial level.

Vays emphasized the signs pointing to a more substantial correction.

“All signs are pointing to a much, much bigger correction. I hope this doesn’t happen. I really hope we go up from here.”

He emphasizes the need for Bitcoin to rise above specific moving averages, aiming for $44,000 for a positive outlook or dropping to $36,000 for a potential buying chance.

Recognizing a possible interim level around $39,000, Vays stresses the importance of a clear move either above the $44,000 moving average or down to $36,000, where crucial support factors meet. The market is at a turning point, and Bitcoin’s future depends on these key levels.

Debunking Rumors: No Early Halving Drop

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 points to historical patterns, saying such events usually happen closer to the halving, expected in April.

Despite the caution, Vays believes Bitcoin won’t drop below $20,000 again. He sees $30,000 as the lowest point, unless unexpected catastrophic events occur. Vays emphasizes that extreme scenarios would be needed for Bitcoin to hit $30,000.

Current Status

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.