In his new video, Tone Vays said that selling pressure is building and the first cryptocurrency’s exchange rate could drop significantly.
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“Bitcoin continues to struggle, but I would say there is a high probability of BTC falling to the next moving average. And, if the daily candles continue to close below the previous candles, I would advise reducing the position by 50%, because I can’t say to what levels bitcoin might fall to. It may well go down to $25,000. There are enough people in the market who for some reason keep selling their coins,” the analyst believes.
Ton Weiss is convinced: if bitcoin does fall to $25 000, there is a high probability of a long-term bitcoin decline. From an expert’s perspective, the first cryptocurrency is “teetering on the edge of a precipice and things are looking bad”.
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“The exchange rate needs to turn around immediately, I mean this month.. We have no room to fall for another month, otherwise panic will develop in the market and I wouldn’t be surprised if BTC trades below $20 000. The miners will also start selling off their stocks, which is very dangerous,” Ton Weiss warned.
Note that at the end of May, Weiss spoke
the first cryptocurrency to rise above $30 000, but BTC has failed to hold the level.