Seasoned trader Tone Vays is bearish on Bitcoin’s (BTC) near future, saying the Bitcoin chart looks “terrible” in the short term.
In a new video from Tuesday, the analyst noted BTC “got rejected” by the 200-week moving average last week.
BTC was trading at around $ 21,000 at the time of Vays’ video, the trader noting Bitcoin’s path would “get super ugly” if it failed to jump back above $ 22,000 in the next 24 hours.
Vays predicted that if Bitcoin didn’t hold the line around $ 20,600, it would repeat its mid-June price plummet and plunge all the way down to $ 14,000.
“If we do not hold this middle line, we have a very high probability of repeating this entire disaster of consolidation with a massive breakdown… if we get back into this lower range.”
BTC did just that, however, and is trading at $ 22,763 at time of writing. The top-ranked crypto asset by market cap is up more than 7% in the past day.
That price now sits nearly exactly at Bitcoin’s 200-week moving average, which currently hovers around $ 22,750, according to the crypto analytics firm Coinglass.
Bitcoin remains down more than 67% from its all-time high of $ 69,044, which it hit in early November. The top crypto asset is down more than 2% in the past week but is up nearly 10% in the past month.
The overall crypto market cap is also up more than 7% in the past 24 hours, according to CoinGecko.
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Featured Image: Shutterstock / Vadim Sadovski / David Sandron