The crypto market, and more precisely the Bitcoin ecosystem, has never needed prayers – until now.
Bitcoin is the king coin by all accounts, and everyone in the crypto space respects that. However, the coin has been experiencing some market turbulence of late, something that doesn’t seem to exactly impress anyone – especially veteran crypto analysts like Tone Vays.
The Bitcoin market seems to be stuck in a limbo at a time when a lot of people expect big things to be happening in the lead up to the close of the year. That’s why someone like Tone Vays might want to place a call to action for people to really start praying for the best, especially given that the current dynamic hasn’t quite established a clear trend and might take the crypto in either of two directions – up or down. Now you see why Bitcoin holders might be inclined to say a prayer for the crypto to take a course upwards.
It Can Snap Back
In a recent episode on a YouTube Channel called Trading Bitcoin, Tone Vays points out that as things stand, Bitcoin is in a risky position because it has already weakened the support level at around $7,200. As such, the crypto’s price risks a downward spiral, and that’s not welcome at the moment. According to Vays, this is the “time to pray for the best but prepare for the worst.”
However, Bitcoin’s current critical support might seem to be in favor of the bears, but it’s still way below the moving averages, meaning that a positive price action is very possible and Bitcoin can “snap back” from the edge of disaster. In this case, Vays expresses his strong trust for the price action and hopes that things will be better soon.
Consolidation Can Be Bullish
Bitcoin has been trending sideways for some months now, something that has led many to believe that the top coin is actually in a consolidation period in preparation for a next big move. Vays supports this outlook, but warns that for this to work out well, Bitcoin needs about two more months of consolidation.
In essence, this means that if Bitcoin’s price action can keep it around the current level, all will be well and a bull run will happen in due time. In fact, many have expressed optimism that a breakout is about to happen especially because Bitcoin is headed for its next network reward halving slated for May 2020.