Trader Tone Vays Says Bitcoin Capitulation Imminent – Here's His New Crypto Outlook

The crypto trader who nailed Bitcoin's collapse during the 2018 bear market is predicting an imminent capitulation phase for BTC. In a new strategy session, crypto analyst Tone Vays tells his 121,000 YouTube subscribers that he sees Bitcoin going through a painful leg down in the coming days.

Timeline of Bitcoin

Bitcoin price slowly moved higher above the $19,000 resistance. BTC is currently (11:10 UTC) consolidating above the $19,000 level. It seems like the price might start a fresh increase if it stays above the $19,000 zone.

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A well-known crypto strategist and analyst, Pentoshi, who had predicted the end of the bull market, has revealed his bullish stance towards Bitcoin (BTC) and another currency, Solana (SOL). The analyst tries to claim his stance by informing his 612,000 followers over Twitter that his earlier bearish approach has flipped towards the ongoing bull run.

The price of Bitcoin (BTC) is in a downtrend as the largest cryptocurrency turns down from the 21-day line SMA. Buyers' recovery attempts failed as they were able to break the 21-day line SMA.

Bitcoin is facing hurdles to build its upward momentum and start a bull run, continuously falling below its resistance level at $22K. Crypto strategists and analysts have predicted a significant crash for Bitcoin this year, wiping billions of dollars from the crypto market.

Bitcoin on-chain indicators such as coin days destroyed and HODL waves suggest that BTC holders are hanging on and accumulating. The post Bitcoin Accumulation Phase Intact, Is a Bottom Finally In?

After a plunge of almost 20% between 15 August and 25 September, Bitcoin stabilized near the $19,000 level on Monday. However, Bitcoin whales kept dumping the world's most valuable crypto asset during the recent market correction, according to the data published by Santiment.

The biggest cryptocurrency in the world, Bitcoin (BTC), is still under a lot of selling pressure due to market uncertainty worldwide. The price of bitcoin fell below $19,000 over the last weekend, and analysts predict additional decline.

Early on Monday morning in Asia, Bitcoin fell below the US$19,000 barrier after bouncing around the resistance level all week. The majority of the top 10 cryptocurrencies by market capitalization, including Ethereum, lost ground.

Despite Bitcoin lacking a significant upward momentum, this has not dampened the spirits of hodlers because coins aged at least 3 months hit an ATH of 86.3%, according to Glassnode.