Experienced analyst and trader Tone Vays has cautioned investors about a potential sharp correction in Bitcoin (BTC), outlining key levels he is monitoring. In a recent video update, Vays warned that if Bitcoin fails to reclaim an important price level, it could fall to the mid-$30,000 range.
Vays expressed his bearish sentiment by stating that all signs point to a significant correction, hoping it won’t occur but remaining out of the market in cash until Bitcoin surpasses certain moving averages. He is looking for a daily candle close above $44,000 or expects to see a drop to $36,000.
He also suggested that while $39,000 could be a good buying opportunity, the best entry point might be at $36,000, depending on the speed of the decline. Vays anticipates a pullback to $36,000, supported by the Momentum Reversal Indicator (MRI), a 128-day moving average, and a channel’s top.
Additionally, Vays reiterated his expectation of a crash before the upcoming Bitcoin block reward halving, clarifying that such a drop is unlikely to happen just yet since the halving is still about four months away, typically occurring a few weeks prior.
He does not foresee Bitcoin revisiting the $20,000 range, considering $30,000 as the bottom and only expecting it to be tested again in the event of catastrophic news.
