Bitcoin Will Not Drop Below $20k, Tone Vays Says

Veteran trader Tone Vays said that Bitcoin would not go below $20k. At the moment of writing this article, BTC is trading in the green and the king coin is trading at $23,270.

Seasoned trader and analyst Tone Vays said that a Bitcoin (BTC) pullback below the key psychological area of $20,000 is now unlikely to transpire.

Vays recently said that the chances of Bitcoin falling below $20,000 has been drastically reduced after BTC rallied above $22,000 today.

“If [Bitcoin] goes back above yesterday’s swing high [$21,650], I think going sub $20,000 now becomes very, very, very unlikely.”

The analyst is also looking at the weekly chart of Bitcoin, Vays says that one indicator suggests that BTC has more upside potential in the long term.

“The RSI [relative strength indicator] is very, very good. The RSI has plenty of room to the upside. It has not even broken its prior swing high. So the weekly RSI is still barely bullish.”

The RSI is a momentum indicator traders use to spot potential reversals in trend or trend continuations.

Vays also believes that Bitcoin has likely printed its bear market bottom in November. If you recall, back then BTC plunged below $16,000.

“The funding rate told you that ‘Hey, this is probably the bottom,’ just because of the BitMEX funding rate… Their funding rate is actually an amazing indicator. To me, this indicated that the low is likely in, not definitely in, but likely in.”

Pseudonymous crypto strategist Kaleo said that Bitcoin is likely gearing up for a massive breakout that could send the king crypto to a level not seen since June 2022.

“When this finally breaks through, we’ll see a glorious god candle to $30,000. Just don’t think today is the day that’s going to happen be careful and don’t get too greedy yet friends.”

As the online publication the Daily Hodl notes, Kaleo also says he sees Bitcoin forming similar patterns as it had in 2019 when it surged from $3,000 to around $14,000 in a matter of weeks.