Cointelegraph Team
Cointelegraph
Bitcoin (BTC) hitting $7,000 is now the “worst-case scenario,” veteran trader Tone Vays said on Sep. 23.
In the latest episode of his Market Pulse YouTube series, Vays said he was looking for a BTC price bottom of $9,000.
Vays: $9,000 BTC price is “very good buy the dip” opportunity
BTC/USD has maintained $10,000 support this week but has so far failed to reclaim higher levels after its fall from $11,000 several days ago.
“If we break down, I think $9,000 is a very good ‘buy the dip,’” Vays said.
“What is my worst case scenario low point if we break down? My worst case scenario is $7,000.”
Vays added that $9,000 for him was the “most realistic” outcome of a bearish trend taking hold of Bitcoin markets.
“The longer Bitcoin stays above $10,000, the more bullish Bitcoin is,” he continued.
“Consistency on the way up is bullish; consistency on the way down is bearish.”
Bitcoin has focused on $10,000 in a way which is bullish compared to its bottom of $3,600 in March, but less convincing versus recent highs of $12,500. Reclaim $12,000, however, and for Vays, “the sky’s the limit.”
BTC/USD 1-month price chart. Source: Coin360
Downside risk may be no more than 35%
As Cointelegraph reported, analysts are forming consistently more bullish prognoses for Bitcoin, even if short-term price action contains further downside.
This week, quant analyst PlanB highlighted the cryptocurrency’s 200-week moving average, which has never been broken as support, as proof that a realistic price floor is now $6,700. Next month, that level will increase to sit in line with Vays’ $7,000 prediction.
According to Cointelegraph Markets analyst Michaël van de Poppe, however, for the time being, BTC/USD has avoided losing the support that would open up the prospect of retesting the CME futures gap at $9,600.
Still in play from July, the gap is the last noticeable short-term price draw at lower levels from futures, with the only other lying much higher at $16,000.
Latest Crypto News & Analysis
Editors’ Picks
Elrond’s EDST implementation may push EGLD price to its 85% target
Elrond plans to integrate the EDST protocol into the mainnet via a major upgrade. The new standard increases efficiency vastly by reducing the need for smart contract creation and costs associated with it. EGLD price takes a breather before hitting its intended target at $272.86.
Polygon coils up, eyeing 65% upswing
MATIC price shows a bullish pennant formation, a breakout of which forecasts a 65% rally. The surge will face a new tailwind after creating a higher high at or above $0.417. A breakdown of the 61.8% Fibonacci retracement level at $0.281 might trigger a bearish scenario for Polygon.
Uniswap might pause before attempting to establish new highs at $39
Uniswap price has seen a massive spike in bullish momentum over the last 24 hours, which has allowed it to scale to record levels after consolidation for an extended period.
Ripple bulls at inflection point
XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction.
Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move
Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.