Veteran trader Tone Vays issues an urgent Bitcoin warning, saying a major correction is coming – here are his targets

Veteran trader Tone Vays warns that Bitcoin (BTC) could soon see a much larger market correction.

In a new video update, the veteran analyst tells his 123,000 YouTube subscribers that Bitcoin could fall into the mid-$30,000 range if it fails to regain a key level.

“All signs point to a much, much larger correction. I hope that doesn't happen. I really hope we can move forward from here. I don't want us to be right. We have already experienced a huge bear market. However, I will remain on the sidelines with cash until Bitcoin breaks out above these moving averages. I need to break the second moving average. I need $44,000. I need a daily close of $44,000 or a rise to $36,000. I really need this to go long Bitcoin.

It could be something in between. It depends on how quickly or how slowly we descend. It's possible I can find a good buying opportunity down here at $39,000. But realistically I expect either a move above the $44,000 moving average or a move all the way down to $36,000 where we see a nice combination of the MRI (Momentum Reversal Indicator) support line on the daily chart, the 128-day Chart, have moving average and the top of the channel.”

Source: Tone Vays/X

The trader also says that if Bitcoin drops below $40,000 soon, it would not be comparable to the historic drops before pre-halving events, when miners' rewards were halved. The next halving is expected in April.

“Do I think the dump started before the halving? No, I actually didn't expect the dump before the halving. The pre-halving dump usually occurs a few weeks before the halving. Four months before the halving, that won’t happen.”

The trader believes that Bitcoin will not reach $20,000 again and will only retest $30,000 if a black swan event occurs.

“I don’t think we’re going into the $20,000 mark. $30,000 is my all-time low. And for us to even get to $30,000, something catastrophic happens.”

At the time of writing, Bitcoin is trading at $43,222, up almost 2% in the last 24 hours.

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