A seasoned Bitcoin (BTC) trader says capitulation is right around the corner for the largest crypto asset by market cap.
In a recent live stream, Tone Vays says there isn’t enough volume on the BTC markets to say we are in capitulation yet.
“We’re not there yet. We’re almost there, this is a horrendous hour… The other problem is that on a daily scale this is telling you it’s not over. The volume is telling you it’s not over. This volume would need to be significantly higher than this volume in order for us to admit this is capitulation.”
Vays then looks at Bitcoin’s momentum reversal indicator (MRI), an advanced technical analysis metric predicting trend life cycles based on an asset’s momentum. The trader says BTC’s MRI indicates a few more days of downside before a market reversal can take place.
According to Vays, BTC likely won’t dip below $19,000.
“This candle here has signs of a reversal. According to the MRI, we could still have four or five more days of downside here. Can we go all the way down to $17,180 thousand? Yes. In fact, if we do go all the way to $19,000, we will pull back perfectly to the prior swing high, after that, if we go lower, the next level could be all the way down at $14,000.
I personally do not think we’re going to go get that low. I personally think $19,000 is as low as we’ll get. I’ve always said that [at] $21,000-$22,000, start selling kidneys and get into Bitcoin…”
Bitcoin is trading for $23,413 at time of writing, down 18.5% over the last 24 hours.