Bitcoin has continuously failed to consolidate its price surge lately. It tested $13,000 price region twice recently, before embarking on a devastating fall. The hope of investors rest on its consistent growth, and it is believed that BTC is presently in Bull Run, but its present price downtrend raises questions than answers.
Nevertheless, Tone Vays, a popular crypto trader and YouTube content creator recently shared that Bitcoin could record new yearly highs once it breaks above $12,500, but a swing below $11,000 support level is bearish for BTC.
Bitcoin now trades below $11,000. Some hours ago, BTC managed to move further above $11,500 resistance level, raising the hope of embarking on its usual price uptrend, which took it to record 2019 all-time highs on two occasions.
Bitcoin revolved within a price region for quite sometimes before it started plunging below its support. How long the downward trend would continue is uncertain.
This recent price plummet has been attributed to the recent negative stance of Donald Trump, the United States President, about Bitcoin and other cryptocurrencies.
Trump typically lambasted the forthcoming but embattled and globally critised Facebook’s Coin, Libra. He stated that Facebook’s cryptocurrency cannot be trusted, urging the social media and the likes to preferably become a bank that will be subjective to banking regulations.
For Bitcoin, he said it encourages drug trade and promotes various illegalities. Some crypto pundits have since been envisaging the impact his negative comments could mount on Bitcoin’s price growth.
Bitcoin is presently on the downtrend after losing $11,000 support level. At the time of filing this report, BTC is trading at $10,988.16, with about 7% price surge in the last 24 hours.
Tone Vays Says a Break above $12,500 Should Send Bitcoin to New Yearly Highs, but Otherwise Is Dangerous
Tone Vays, a famous crypto trader and analyst had once rigidly claimed that Bitcoin would still drop to $4,000 price region. However, he has recently changed his stance.
Once again, Vays shared his thought about the course of Bitcoin price with his teeming followers. In his recent tweet, he pointed that Bitcoin seems to be in another no trade zone.
However, he stated that a break above $12,500 resistance level could open door for the digital currency to record new 2019 highs, concluding that a drop under $11,000 support level could be bearish for BTC.
He said “Trading Bitcoin – Looks like we are in another no trade zone, but a break above $12,500 should send it to new yearly highs, while a drop under $11,000 should put the swing low of $9.6k in serious danger…”