Veteran trader Tone Vays warns of another Bitcoin collapse after a “catastrophic” week – here’s his target down

Veteran investor Tone Vays says Bitcoin (BTC) is on the verge of another collapse that could propel the leading crypto asset’s price to new lows in 2022.

In a new strategy session, Vays tells his 121,000 YouTube subscribers that Bitcoin’s outlook remains bleak as BTC tries to “desperately” hold on to $19,000.

“[The] Weekly chart has another catastrophic candlestick. It’s a red star candle. It will close near the lows unless there is a monster rally but it’s a bank holiday weekend so I doubt it… For now this is a bearish view… The four-day chart is also looking bearish. That’s why we’re here [100%] Cash.”

Looking at the daily chart, Vays says that Bitcoin is on the verge of breaking the $19,000 support which he thinks could trigger another sell-off event.

“The daily chart is preparing for an MRT [momentum reversal indicator] Buy. That is good news. What’s the bad news? The bad news is that we are on the verge of breaking a very critical support and that can send the price of bitcoin significantly lower so we will be keeping an eye on this development and hopefully a nice turnaround with an MRT early next week. Purchase experience similar to two weeks ago.”

Source: Tone Vays/YouTube

Looking at Vays’ chart, a break of Bitcoin’s immediate support could propel BTC towards its target around $14,500.

At the time of writing, BTC is changing hands at $19,215. A move towards Vays’ target means a nearly 25% downside potential for the top crypto asset by market cap.

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