Leading crypto Bitcoin (BTC) is struggling to recover from the havoc wrought by the collapse of FTX. BTC, which has partially recovered today, is trading below the $ 17 thousand support. Will this break the psychological support or will it sink to the bottom again? In this environment of uncertainty, the analyst who predicted the 2018 Bitcoin collapse explains the final BTC bottom. The analyst also says that most traders will be caught off-guard.
“This level is the bottom for Bitcoin as no one believes it!”
Tone Vays accurately predicted the collapse of Bitcoin (BTC) in 2018. The analyst now explains what he predicts to be the absolute bottom of the leading crypto. According to veteran analyst Tone Vays, Bitcoin ‘likely’ formed a bear market base when it hit a 2022 low of $15,546. In this context, the analyst makes the following assessment:
I still think we have a bottoming process going through right now. This will likely be the lowest level ($15,546). The reason it’s most likely to be the final bottom is because no one thinks it’s the ultimate bottom. 99% of people believe we will go down. So I don’t think we’re going to go any lower. Because everybody’s so sure we’re going to $11,000 or something.
“CMF shows bullish trend for BTC”
Tone Vays also looks at overall market sentiment. However, he also says that one of his favorite indicators signals a potential reversal for Bitcoin. Accordingly, the analyst notes that Chaikin Money Flow (CMF) is trending bullish. The metric in question is an indicator that tracks whether market participants have accumulated an asset. The analyst makes the following statement regarding this indicator:
Here’s one of the best graphics I’ve seen in a while. We crashed on a weekly scale, okay. However, look at the incredible CMF decomposition. So this tells me that under the hood, things are actually on the rise. I really like to see the CMF decomposition. One of my favorite indicators for identifying potential returns. I love the fact that the CMF is almost green even though the price is still a complete and utter disaster.
Source: Ton Vays / YouTubeAt press time, Bitcoin was trading at $16,855, up 2.46% on a daily basis. cryptocoin.com As you follow, Bitcoin rose to 21 thousand dollars after the US CPI data. However, later the cryptocurrency exchange FTX crashed with a lot of question marks. This dragged the entire crypto market into a deep crisis. Naturally, BTC also got its share from this and dived to the level of 15 thousand dollars. Now she is struggling to beat this bad luck. Let’s see if the bulls will prevail, as the analyst predicted, or will the bears take over again.
