Bitcoin (BTC) surpassed $20,000 for the first time in five days. Last week, the king coin briefly fell below $19,000 before rebounding ground during a rally on Friday.
As per coincodex, BTC is currently up by more than five percent in the last 24 hours and is trading at $20,373.55. The past six months have been difficult for Bitcoin as the largest cryptocurrency in the world has plunged more than 70% since reaching an all-time high in November 2021.
Although, the most valuable cryptocurrency asset, is reportedly on the cusp of another breakdown that could drive its price to a new low in 2022, according to seasoned investor Tone Vays. He informs in a fresh strategy session that the situation for Bitcoin is still dire even though BTC is trying “desperately” to hold onto the $19,000 mark.
Will Bitcoin Close to the Lows?
He claims that the weekly chart is currently exhibiting a terrible candle once more. The candle is a red star. If there isn’t a massive rally, which he doubts given that it’s a holiday weekend, it will likely close to the lows. This has a bearish appearance right now. Bearish looking on the four-day chart as well.
According to Vays, who is looking at the daily chart, Bitcoin is on the verge of breaking through support at $19,000, which he notes could lead to another sell-off event.
On the daily chart, an MRI [momentum reversal indicator] purchase is getting ready, which according to him is good news. Coming to the bad news, he says that the bad news is that BTC is on the verge of breaking very important support, which could drive the price of Bitcoin much lower.
He will be watching this development closely, and he is hoping that early next week will bring a wonderful turnaround with an MRI similar to what happened two weeks ago.
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