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Worst-case bitcoin price will hit $ 7,000, says Trader Tone Vays

September 24, 2020

For Bitcoin (BTC), the “worst case” hit is $ 7,000. veteran dealer Tone Vays said on September 23.

In the latest installment of his YouTube series Market Pulse Vays said he’s looking for a BTC price of $ 9,000.

The $ 9,000 price for BTC is a “very good” opportunity to “buy” it.

BTC / USD held support at USD 10,000 this week but has not been able to return to higher levels after falling from USD 11,000 a few days ago.

Worst-case bitcoin price will hit $ 7,000, says Trader Tone Vays
Worst-case bitcoin price will hit $ 7,000, says Trader Tone Vays

“If BTC is going down, I think $ 9,000 is a very good buying opportunity.” Vays said.

“What’s the lowest point of my worst case when BTC falls? My worst case is $ 7,000.”

Vays added that For him, $ 9,000 was the “most realistic” result of a downtrend that hit the Bitcoin markets.

“The longer Bitcoin stays above $ 10,000, the more bullish it gets“he continued.

“Consistency on the rise is bullish. The consistency of descent is bearish. “

Bitcoin has been focused at $ 10,000, so it’s bullish compared to its low of $ 3,600 in March. It’s less convincing, however, against recent highs of $ 12,500. After claiming the $ 12,000, “the sky will be the limit,” says Vays.

BTC / USD 1-month price chart

BTC / USD price of the month chart. Source: Coin360

The risk of a decline must not exceed 35%

As Cointelegraph reported, Analysts are constantly making more optimistic forecasts for Bitcoin, even if the short-term price movement carries a major disadvantage.

This week, quantum analyst PlanB highlighted the cryptocurrency’s 200-week moving average, which was never broken as a proof that a realistic floor price is currently $ 6,700. Next month, that level will rise to match Vays’ $ 7,000 forecast.

According to Cointelegraph Markets analyst Michaël van de Poppe, BTC / USD ha avoided Loss of support would open the opportunity to retest the CME futures gap at $ 9,600.

That gap, which has existed since July, is the most recent short-term price spike to lower futures levels, with the only other one being much higher at $ 16,000.

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