Seasoned crypto analyst Tone Vays says that Bitcoin (BTC) flipping bearish in its current scenario would be paradoxical.
In a new strategy session, the veteran trader tells his 118,000 subscribers that the events that would have to take place for him to turn bearish on the king crypto would actually end up making him bullish.
“Someone was asking me where I would turn bearish on [the] mid and long term. That’s a really good question… I would literally need [to see] Bitcoin below $35,000 to turn mid-to-long term bearish.
But there’s a huge contradiction there because if BTC does fall that low, it’s at a pretty significant low, and going bearish at this point makes absolutely no sense whatsoever.
This is why there’s almost nothing that can happen right now in this current structure that would make me intermediate to long-term bearish…it’s almost impossible to turn bearish.”
According to Vays, the only scenarios that could flip BTC bearish at this point would be if it has a massive exponential run-up as it did at the end of 2017, which would be generally followed by a correction, or if it formed a descending triangle pattern.
“It’s very unlikely I turn bearish, we would need a much higher exponential run-up first for me to turn bearish, or a descending triangle. There’s nothing wrong with being bearish when moving averages are about to cross, [but they] don’t cross very often.”
Bitcoin is exchanging hands at $47,895 at time of writing, a 3% increase from its seven-day low of $46,471.
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The post Veteran Trader Tone Vays Says It’s ‘Impossible’ To Be Bearish on Bitcoin – Here’s Why appeared first on The Daily Hodl.
