‘Capitulation Day’ Coming Very Soon for Bitcoin, Says Veteran Crypto Analyst Tone Vays

‘Capitulation Day’ Coming Very Soon for Bitcoin, Says Veteran Crypto Analyst Tone Vays


Veteran crypto analyst and trader Tone Vays says he sees Bitcoin going through a major capitulation event very soon.

In a new strategy session, Vays says that he’s been more or less bearish on the world’s biggest crypto since late May, when it plunged over 50% to test $30,000.

 

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Vays thinks Bitcoin has been trading in a descending triangle, which is a technical formation that suggests a move to the downside once the price breaks the pattern’s support.

“I’ve pretty much been somewhat bearish most of this triangle, and I remain so right now. That’s because I still think that a capitulation day is coming. This capitulation day is coming soon because I also believe that the price of Bitcoin will bounce this summer and be on the way back up, breaking the all-time high later this year. A lot of that has to do with the current bull cycle of Bitcoin, plus some fundamentals.”

The trader says

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