Tone Vays Addresses The Crypto Market State

The veteran trader Tone Vays said that he is waiting for the best opportunity to buy Bitcoin amidst the bearih price actions that we are seeing these days.

In a new video, Vays said that Bitcoin will likely continue its downward trajectory and take out its psychological support at $30,000 unless bulls step up to the plate soon.

“We need to get back into this triangle sometime this month. Otherwise, this is the future. This is the path for Bitcoin. Hopefully it happens, say, next month and maybe it’ll end at around $23,000.”

Taking a look at the weekly chart, Vays says BTC looks “absolutely terrible” as Bitcoin flashes multiple bearish signals.

“We are in the process of forming a brand new weekly closing low, which is problematic. Potentially, this is going to be the second-lowest closing low in about a year, in over a year, and that’s not a good sign. That’s not a bullish sign…” he said.

He continued and said the following:

“When something is falling, I don’t just jump into catching a falling knife. You need some kind of reason to do it and feelings is not a reason. You either need technical analysis or some kind of fundamental change or enough time has to go by. “

Vays also has a gloomy outlook for Bitcoin – he says that it will likely take months before Bitcoin can carve out a bear market bottom.

“I will be a buyer of Bitcoin at the low at the end of the year. If Bitcoin continues to just struggle and go down and down and down and down and here we are in November sitting at $25,000, I’m going to take that as the bear market has ended, according to time.”

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $34,621.