Veteran trader Tone Vays issues Bitcoin warning, saying a BTC support level must be held to avoid “massive panic.”

Veteran Bitcoin (BTC) analyst Tone Vays warns the flagship crypto asset is facing a pivotal moment.

While Vays reveals he is reducing the bitcoin allocation in his portfolio, he tells his 122,000 YouTube subscribers that the likelihood of BTC falling is now high as selling pressure mounts.

“Bitcoin continues to struggle and as expected I said in the last stream that there is a high probability that Bitcoin will fall to the next moving average. And I also made it very clear that if today’s candle went below yesterday’s candle, it would be time to cut the allocation down to 50% because we don’t know where it will go next. Bitcoin can do everything.

It can easily drop below the $25,000 low, we have no idea. There are still many people with large amounts of bitcoin who are selling it for god knows what reason…”

According to the veteran trader, if Bitcoin revisits the $25,000 psychological support level, there could be a sell-off from panicked investors and traders.

“If the market were to challenge those $25,000 lows, it would actually be possible for Bitcoin to drop significantly lower.

This is the area [around $25,500] We can’t really afford to go any deeper. We’re already flirting with disaster. So this looks really bad.

Bitcoin needs to reverse immediately, and by “instantly” I mean this month. A drop may not happen for another month because then massive panic will erupt and many miners will actually be in trouble if Bitcoin breaks below $25,000 and there is a possibility of the price slipping below $20,000 . ”

At the time of writing, Bitcoin is trading at $29,483.

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