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.
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