Price Analysis

Bitcoin trader Tone Vays calls for $9,000 bottom

Bitcoin will provide an important “buy the dip” opportunity if it descends into the $9,000 region, according to former Bear Stearns risk analyst Tone Vays.

He does, however, admit that if $9,000 is broken to the downside, the worst case scenario would be a plummet to Bitcoin’s yearly open of $7,000.

At the time of writing Bitcoin is trading at $10,400 after struggling to achieve a high above $11,000 over the weekend.

On an episode of Market Pulse, Vays said: “If we break down, I think $9,000 is a very good buy the dip,” before adding: “What is my worst case scenario low point if we break down [below $9,000]? My worst case scenario is $7,000.”

BTCUSD chart by TradingView

As noted in Coin Rivet’s daily analysis yesterday, Bitcoin remains in a neutral zone with the $10,000 region being a key level of support.

If $10,000 is broken to the downside it will likely cause a cascade of long position liquidations, which would typically bring around an extended sell-off to at least the $9,150 level.

While lower time frames seems to be leaning towards a corrective move to the downside, Bitcoin remains bullish from all macro perspectives with it trading 19% higher than when block rewards were slashed in half earlier this year.

For more news, guides and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

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