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Popular crypto trader Tone Vays considers the position of Bitcoin after dipping to below $42,000 within minutes.
Furthermore, Tone Vays notes that if stock markets can have a rally in the early stages of the week, Bitcoin may have a chance to hit $53,0000 again.
More so, Tone Vays highlights that Bitcoin has a V-shape reversal back into a bullish trend. Also, he notes that thereβs a strong buying demand as when Bitcoin hits $42,000 from $47,000
So, Tone Vays explains.
βI do think this is going to be like a V-shaped reversalβ¦β
βYouβre not going to get another chance to buy this dip. If you happened to go to the bathroomβ¦β
βduring this crash from $43,000 to $41,000, you kind of missed itβ¦β
βOn an hourly scale, you only got less than an hour between $47,000 and $41,500β¦β
βYou did get another chance to buy at $47,000, but you didnβt get a chance to buy sub-$45,000.β
Additionally, Tone Vays explains whatβs in expectations after the dip last weekend. Then, He points out that Bitcoin is in a position of hitting new all-time highs this year.
So, as per Tone, Bitcoinβs daily candle on December 4th is showing a spring-like catalyst for a new uptrend.
Then, Tone Vays adds.
βBecause of the way this candle manifested itself,..β
βThere is now a higher probability that of a new all-time high this year than there was yesterdayβ¦β
βWhen the candle was higher because, on yesterdayβs candle, it still had the high chancesβ¦β
βof being a slow drag down decline followed by consolidationβ¦β
βBut the V-Shaped move actually creates additional upwards pressure of FOMO [fear of missing out].β
Currently, Bitcoin is trading at $51,030, about 26% from all-time high above $69,000.
Source: bitcoinworld.co.in
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