The crypto trader who correctly called Bitcoin’s (BTC) collapse in 2018 unveils what he believes to be the absolute bottom of the crypto king.
In a new strategy session, veteran trader Tone Vays tells his 123,000 YouTube subscribers that he thinks Bitcoin “most likely” set a bear market low when it printed a new 2022 low of $15,546. .
“I still think we have a process bottom that we’re going through right now, and it’s very likely to be the ultimate bottom ($15,546). The reason why it’s very likely to be the ultimate low is nobody thinks that’s the ultimate low like 99% of people are convinced that we’re going to go down and that’s why I think we’re not going to go down because everyone’s so sure we’re going to go down to $11,000 or something like that.
Along with gauging general market sentiment, Vays says one of his favorite indicators signals a potential reversal for Bitcoin.
The trader claims that the Chaikin Money Flow (CMF), an indicator that tracks whether market participants are accumulating an asset, is showing a bullish divergence.
“Here’s one of the best rankings I’ve seen in a while. Even though we crashed on a weekly scale, look at the incredible CMF divergence. So that tells me that under the hood things are actually I really like seeing the CMF Divergence, it’s one of my favorite indicators to identify potential reversals…
I like that the CMF is almost green even though the price is still in complete and utter disaster.
At the time of writing, Bitcoin is changing hands for $16,729, up 2.38% on the day.
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