The veteran trader said the bullish trends make selling in the current correction a dangerous move, and the drop „may have already passed.
‚I wouldn’t sell‘ – Bitcoin’s dive buying zone now at $11K, says Tone VaysNOTÍCIAS DO MARCADO
The Bitcoin (BTC) is optimistic in three main areas and a „perfect“ buy-in is now no less than US$11,000, said popular trader Tone Vays.
A series of data suggests that Bitcoin may have started as high as 2017
In the last edition of his Trading Bitcoin series on YouTube on October 14th, Vays presented an optimistic view of the price of Bitcoin, which he argues has almost no bearish features.
Vays: US$11,000 zone is „perfect“ dive
Examining the weekly and daily charts, Vays noted that there was little reason to expect a significant retraction other than a „one to four candle correction“.
This is ongoing, with the BTC/USD consolidating their early week earnings. If that period does not last more than four days, as Vays predicted, he said he would try to „buy the dive“ for US$11,000.
Bitcoin and Ether now account for 44% of the blocked DeFi
„I’d be looking to buy the dive or the breakout, but I don’t know which one it will be,“ he summed up.
„So, if I were to buy the dive, where would be the perfect dive? Well, the perfect dive would be… about $11,000.“
The advice came immediately after a warning not to sell the current fix – an additional indication that expectations remain skewed upward.
The trend to $11,000 may also fall early, in which case a buying area between $11,537 and $11,570 would be appropriate, Vays says, pointing to two previous daily sailing techniques.
BTC/USD 1-week daily price chart
One week chart of daily BTC/USD prices. Source: Coin360
Big purchases feed BTC’s hauteliers
Along with Bitcoin’s weekly and daily charts, new corporate purchases are supporting Vays‘ optimistic outlook, but he is not alone.
As reported by Cointelegraph, several analysts and traders, along with existing Bitcoin business executives, are increasingly convinced that a decisive price boost is coming.
Corporate interest, in particular, was highlighted by Grayscale CEO Barry Silbert this week, followed by fund manager Dan Tapeiro.
An increase in future Bitcoin interest further cements the return of institutional interest.
Long-term indicators complement the picture, with stock-to-flow performance on schedule and fundamentals such as the hash rate close to a historical record. According to current estimates, the network’s difficulty will reach a new record in the next two-day adjustment.