dailyhodl.com
The crypto trader who correctly called Bitcoin’s (BTC) collapse in 2018 is unveiling what he thinks is the king crypto’s absolute bottom.
In a new strategy session, veteran trader Tone Vays tells his 123,000 YouTube subscribers that he believes Bitcoin has “very likely” established a bear market bottom when it printed a fresh 2022 low of $15,546.
“I still think we have a bottoming process that we’re going through right now, and this is very likely to be the ultimate low ($15,546). The reason it is very likely to be the ultimate low is that nobody thinks it’s the ultimate low. Like 99% of people are convinced we’re going lower, and that’s why I think we’re not going to go lower because everyone is so sure we’re going to $11,000 or something.”
In addition to gauging overall market sentiment, Vays says that one of his favorite indicators is signaling a potential reversal for Bitcoin.
The trader says the Chaikin Money Flow (CMF), an indicator that tracks whether market participants are accumulating an asset, is flashing a bullish divergence.
“Here’s one of the best charts that I’ve seen in a while. Even though we did crash on a weekly scale, look at the amazing CMF divergence. So this is telling me that under the hood, things are actually bullish. I really like seeing CMF divergence. It’s one of my favorite indicators to identify potential reversals…
I love the fact that the CMF is almost green even though the price is still in a complete and utter disaster.”
At time of writing, Bitcoin is changing hands for $16,729, up 2.38% on the day.