Tone Vays, the old trader of Wall Street, expects Bitcoin (BTC) price to decrease further. In a recent tweet, the famous name stated that once Bitcoin managed to climb above a large resistance level, it could once again touch $ 10,000.
This drop in #Bitcoin today touched the bottom of my triangle perfectly. The Weekly is still calling for more downside but there is a chance the Daily will have something to say about it. Waiting to buy a bigger $BTC dip or will pay the $10k breakout 'eventually' pic.twitter.com/3isigJYZgv
— Tone Vays – TheFinancialSummit.com (@ToneVays) June 11, 2020
However, it is likely that the leading cryptocurrency will experience more negativity after falling below $ 9,100. In fact, Vays expects BTC to drop to $ 7,000 for the first time since late April this summer.
The Endpoint of Bitcoin Bulls
According to Vays, Bitcoin is in the middle of drawing a rising triangle on the daily chart. Since Bitcoin dropped to the level of $ 8 thousand 100 on May 10, the leading cryptocurrency has consistently experienced slightly higher declines. The model, published by Vays, represents the rising low trend line.
This pattern usually gives more signals because buyers are more permanent than sellers. In order for the BTC price to continue its rally, the model needs to rise above the flat upper trend line.