Veteran crypto analyst Tone Vays thinks that Bitcoin (BTC) investors may panic and sell BTC in the coming days.
Ton Vays shares a critical timeline for Bitcoin
In a recent Youtube post, Vays tells his 121,000 viewers that both the monthly and weekly charts look dark as Bitcoin struggles to stay above the critical psychological threshold of $30,000. . The seasoned analyst warns that Bitcoin investors should prepare themselves for possible sharp selling pressure in the next seven days.
There’s a good chance we’ll give up next week. If we’re talking below $30,000, then… This might be a good time to act. However, it is more likely to return to $37,000 and then hit another bottom later this summer. In my opinion, this is not a very attractive painting visually.
At the time of writing, Bitcoin price is trading at $32,145.83. It is trading at a bottom that has not been seen for 10 months.
MRI indicator analysis
It may be helpful to observe the momentum reversal indicator (MRI), which indicates whether a cryptocurrency’s price momentum will continue or reverse. For the next three months, Vays predicts that negative momentum will prevail.
In part of the broadcast, the analyst says:
According to MRI data, the daily chart will remain down for a while. There is another four to five days of decline estimated from the MRI results. It is likely that the weekly scale will continue to drop for another four or five weeks. On a monthly scale, there’s probably another three months of decline.
Finally, Vays predicted that BTC would bottom out at roughly $25,000 in November this year.
Will investors trust Bitcoin?
Looking at the current price movements as well as the sentiment of investors, it can be said that Bitcoin may have to see another drop soon. Meanwhile, El Salvador added another $15.5 million in Bitcoin to its balance sheet, as most individual investors opted to exit their positions. As quoted by cryptokoin.com, Binance CEO Changpeng Zhao urges investors to control their emotions as the market is gripped by extreme fear.
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