Ex-Wall Street Trader Tone Vays Says Bitcoin may plunge to $7K level this Summer
Crypto trader Tone Vays has presented his point of view regarding the leading digital currency Bitcoin and says that Bitcoin price may move down this summer touching the $7,000 zone again.
Stating his point of view in a tweet, the former wall-street trader also believes that Bitcoin might reach its psychological level of $10,000.
This drop in #Bitcoin today touched the bottom of my triangle perfectly. The Weekly is still calling for more downside but there is a chance the Daily will have something to say about it. Waiting to buy a bigger $BTC dip or will pay the $10k breakout 'eventually' pic.twitter.com/3isigJYZgv
— Tone Vays – TheFinancialSummit.com (@ToneVays) June 11, 2020
The top-ranked digital asset might be able to cross above its historic resistance level of $10K if it succeeds to break a strong resistance lies ahead according to Tone Vays.
The best hope for Bitcoin is the bullish Ascending Triangle
Tone Vays has also described a bullish case scenario where Bitcoin could cross above its weekly resistance. The crypto trader says that Bitcoin is currently forming a bullish ascending triangle and may complete it very soon. According to Tone Vays, this is the best or maybe the last hope for Bitcoin to cross above its weekly resistance.
The weekly chart of Bitcoin presented by Tone Vays shows that Bitcoin might see more downside in the coming days and may go down as low as $7K this summer. If it happens it will be stronger pullback for the leading digital coin. Also, it will be the first time since the month of April that Bitcoin prices will enter into the $7000 zone.
Bitcoin is marching toward $8500
However, on the other hand, the crypto trader Josh Rager thinks differently and considers the $8500 level the next target for Bitcoin to achieve. Josh Rager is of the view that after failing to break above the $9400 level on the daily chart, Bitcoin’s price is now marching toward the $8500 level.
If Bitcoin price falls to $8500 zone, the bullish ascending triangle predicted by Tone Vays will no longer be there.