Tone Vays, a YouTube crypto analyst, has said that Bitcoin BTC/USD is approaching a crucial juncture in its current cycle, which could decide its near-term future.
What Happened: In a new video update, Vays informs his 123,000 YouTube subscribers that Bitcoin still looks fairly weak and may be close to another capitulation.
He said the current market situation for Bitcoin is still not promising as it remains trapped around $17,000, with no signs of growth.
“So we continue to consolidate and to frustrate the majority of people, which is one of the ways in which markets bottom,” he said.
Vays states that Bitcoin is confronting a diagonal resistance line at the $19,000 threshold. The trader proposes that if apex cryptocurrency is able to ascend above this resistance line, which has held up since June, it could possibly serve as Bitcoin's “make-or-break” moment.
See More: Best Crypto Day Trading Strategies
The analyst cautions that Bitcoin might be experiencing a "dead cat bounce” — a technical analysis term used to characterize a short-lived recovery after an abrupt decline that could temporarily fool traders before it rapidly decreases again.
Many traders have expressed concern about the possibility of a deeper Bitcoin dip to around $10,000, yet Vays is not predicting this outcome. If such a rapid decrease did occur, he believes it would be swiftly followed by a recovery.
Price Action: At the time of writing, Bitcoin was trading at $16,799, down 1.16% in the last 24 hours, according to Benzinga Pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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