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Bitcoin Price Likely to Revisit $7,000 This Summer, Says Tone Vays

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Fri, 06/12/2020 - 06:11
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Alex Dovbnya
Former Wall Street trader Tone Vays expects the Bitcoin price to see more downside
Bitcoin Price Likely to Revisit $7,000 This Summer, Says Tone Vays
Cover image via tonevays.com
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In a recent tweet, ex-Wall Streeter and cryptocurrency trader Tone Vays has opined that Bitcoin could touch $10,000 once again if it manages to break above a major resistance level. 

Tone Vays
image by @ToneVays

However, the top cryptocurrency is still likely to experience more downside after plunging below $9,100 during the biggest stock market sell-off since March.  

In fact, Vays expects to revisit the $7,000 level this summer for the first time since late April.

Related
Bitcoin Price Could Plunge to $6,000 After Correction: Kraken Intelligence

The last stand of Bitcoin bulls 

According to Vays, Bitcoin is in the middle of completing a bullish ascending triangle on the daily chart. 

Ever since Bitcoin’s precipitous drop to the $8,100 level that took place on May 10, the leading cryptocurrency has been consistently making a series of higher lows. They represent the rising lower trendline of the pattern posted by Vays.  

Bitcoin Price
image by @ToneVays

This formation usually signals more upside since buyers are more persistent than sellers. The BTC price needs to break above the flat upper trendline of the pattern to continue its rally. 

Related
Bitcoin Price Forming New Selling Pattern, Bloomberg's Indicator Shows

A bearish daily close 

In the meantime, Bitcoin trader Josh Rager believes that the Bitcoin price is heading to $8,500 now that it has failed to close above $9,400 on the daily chart. 

Rager
image by @Josh_Rager

A drop to the mid-$8,000 level will invalidate the above-mentioned ascending triangle that, according to Vays, is the bulls’ last hope to smash through strong weekly resistance

At press time, the crypto king is changing hand at $9,377 as bulls and bears continue playing tug-of-war.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.