{"id":230892,"date":"2024-01-17T13:39:45","date_gmt":"2024-01-17T08:09:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=230892"},"modified":"2024-01-17T13:39:45","modified_gmt":"2024-01-17T08:09:45","slug":"veteran-trader-tone-vays-issues-urgent-bitcoin-warning-says-bigger-correction-looming-here-are-his-targets-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/veteran-trader-tone-vays-issues-urgent-bitcoin-warning-says-bigger-correction-looming-here-are-his-targets-crypto-news\/","title":{"rendered":"Veteran Trader Tone Vays Issues Urgent Bitcoin Warning, Says Bigger Correction Looming \u2013 Here Are His Targets – Crypto News"},"content":{"rendered":"

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Veteran trader Tone Vays is issuing a warning that Bitcoin (BTC<\/a>) could soon undergo a much bigger market correction.<\/p>\n

In a new video update, the seasoned analyst tells<\/a> his 123,000 YouTube subscribers that Bitcoin could dip into the mid-$30,000 range if it fails to reclaim a key level.<\/p>\n

\u201cAll signs are pointing to a much, much bigger correction. I hope this doesn\u2019t happen. I really hope we go up from here. I don\u2019t want to see us correct. We\u2019ve already dealt with a huge bear market. However, I am going to remain on the sidelines with cash until Bitcoin breaks out above these moving averages. I need to break even the second moving average. I need $44,000. I need a daily close at $44,000 or a move to $36,000. I really need that to go long Bitcoin. <\/em><\/p>\n

There could be something in between. It depends how fast or how slow we go down. It\u2019s possible I may find a good buying opportunity down here at $39,000. But realistically, I am looking for either a move above the moving average of $44,000 or a move all the way down to $36,000 where we have a beautiful combination of the MRI (Momentum Reversal Indicator) support line on the daily chart, the 128-day moving average and the top of the channel.\u201d<\/em><\/p>\n

Source: Tone Vays\/X<\/figcaption><\/figure>\n

The trader also says that if Bitcoin soon dips below $40,000 that would not be comparable to the historic dips before pre-halving events, when miners\u2019 rewards are cut in half. The next halving event is expected in April.<\/p>\n

\u201cDo I think the pre-halving dump has started? No, I wasn\u2019t actually anticipating the pre-halving dump. The pre-halving dump usually happens a few weeks before the halving. It doesn\u2019t happen four months before the halving.\u201d <\/em><\/p>\n

The trader predicts Bitcoin will not revisit the $20,000 range and would only retest the $30,000 level if there was some black swan event.<\/p>\n

\u201cI don\u2019t see us going into the $20,000s. $30,000 is my absolute bottom low. And in order for us to even get to $30,000 something catastrophic happens.\u201d<\/em><\/p>\n

Bitcoin is trading for $43,222 at time of writing, up nearly 2% in the last 24 hours.<\/p>\n