Bitcoin slumped below the $19,000 mark today for the sixth time in the last two weeks. The leading crypto is struggling to rise beyond $20,000 and is slipping below $19K almost every two days. Crypto analyst and seasoned investor Tone Vays predicted that Bitcoin could fall another round this month. He also called Bitcoin’s chart “disastrous” and asked his followers to stay away from the market this month.
Vays told his 121,000 YouTube subscribers, “(The) weekly chart is having a disastrous candle once again. It’s‘ a red star candle. It’s‘ going to close near the lows unless there’s‘ a monster rally, but it’s‘ a holiday weekend, so I doubt it. Right now, this is a bearish look. The four-day chart also has a bearish look. That’s‘ why we’re’ in [100%] cash.”
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The analyst revealed that if Bitcoin doesn’t hold on to its support levels of $19,000, it could slip to $14,600 next.
“The bad news is we’re‘ about to break very critical support that can send the price of Bitcoin significantly lower. So we’re‘ going to keep an eye on this development. Hopefully, early next week will be a nice turnaround with an MRI buy similar to what happened two weeks ago,” he said.
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Can Bitcoin Fall to $14,600?
Many analysts have been predicting that Bitcoin could slump much lower than $19,000 in the coming weeks. Veteran analyst Peter Schiff predicts that BTC will eventually crash to $5,000 by the end of 2022. You can read Schiff’s predictions here. In addition, a crypto tycoon predicted exclusively to Watcher Guru that BTC will plummet to $11,000 in the coming weeks. Read here for more details about the prediction.
Bitcoin could eventually dip further as the markets worldwide are trading on the back foot. In addition, large institutional investors are exiting the crypto market and draining away the trading volume. Bitcoin is experiencing around $450 million worth of outflows weekly and is the hardest hit crypto. New investors are fearful of taking an entry position while the institutional investors are jumping ship.
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Therefore, Bitcoin could see yet another slump and fall to further lows. It is better to remain cautious during this period of turmoil as a bull run is nowhere on the horizon.
At press time, Bitcoin was trading at $19,742 and was up 3.39% in the past 24 hours.