$9,000 would be the ideal “buy the dip” opportunity, says Vays, with $7,000 soon to form Bitcoin’s untested 200-week moving average.
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.”
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.