While Bitcoin (BTC) is going through a difficult period due to the FTX crisis, a leading analyst made an important assessment of the BTC price movement.
The Analyst Announced the Base Level in Bitcoin!
The analyst who correctly predicted the collapse of Bitcoin in 2018 made striking statements about the Bitcoin price movement. In a new strategy session, experienced trader Tone Vays told his 123,000 YouTube subscribers that he believes Bitcoin is “most likely forming a bear market base” when it falls to a 2022 low of $15,546. According to the analyst, at the moment we are still in the process of forming a bottom. 99 Percent of experts claim that BTC will fall to $ 11,000. Even leading institutions predict that Bitcoin will enter a new consolidation process between Dec. 13,000 and $ 12,000. However, Vays says that BTC has survived the first shock and probably 15.546 is the base level of the dollar.
Vays says that in addition to measuring overall market sentiment, one of his favorite indicators signals a potential reversal for Bitcoin. The analyst emphasizes that the Chaikin Money Flow (CMF) metric, an indicator that tracks the accumulation process in Bitcoin, shows a bullish trend. According to the analyst, this is one of the best charts he has seen in a while. Although the weekly scale sounded the alarm, the metric began to recover. Current data indicate that the accumulation process continues. When the analyst examines the historical data, he underlines that the accuracy of the CMF indicator is high and that it is one of his most trusted indicators. Bitcoin is trading at $ 16,933, up 2.38% during the day.
The Fed is the Most Important Factor!
There are still many theories that the decline in Bitcoin is not over yet. After the emergence of the FTX crisis, many analysts and institutions began to update their BTC forecasts. The question on the investor’s mind is whether BTC will fall below $ 15,000. Bitcoin’s fall below $ 16,000 was a development that most of the cryptocurrency market did not expect. BTC managed to reach $21,000, while many experts were making accounts of $ 25,000.
While the market was on a spike, the reaction of traders and investors was not as bad as it was thought. Many platforms reveal that bottoming purchases continue. Many experts believe that BTC can survive even in the most unfavorable conditions. According to experts, in order for Bitcoin to return to its former heyday, the Fed needs to give up its interest rate policy.