Crypto Strategist Tone Vays Says Imminent Bitcoin (BTC) Rally Likely, But Traditional Markets Could Be a Problem
Veteran Wall Street trader and crypto analyst Tone Vays has returned to YouTube after his channel was removed last week following a notice that his account had been terminated.
With Bitcoin leading a crypto market rally, Vays says he’s noticing a trend emerging on the weekends.
“Bitcoin is popping like it did last weekend as well. For some reason I’ve been noticing that Bitcoin does very, very well over the weekend, at least the last couple of weeks. This is certainly recency-correlation bias. I remember it doing really well last weekend, and therefore I am watching it doing really well early this weekend… Nothing for me changes on a weekly scale.”
At time of writing, BTC is trading at $7,243, up 1.79%. Vays says Bitcoin appears ready to rise to $7,900 in the short term, but he’s concerned an imminent stock market pullback will kill its momentum and drag the leading cryptocurrency down.
“The RSI looks very good for the bulls and the MACD looks good for the bulls. So everything is pointing to the bulls. The BitMEX funding rate is starting to flip over. I think this can move. I really think this could move into [$7,900]…
The problem is, I’m kind of bearish the stock market going into Monday. So if Monday is a big stock market crash, it would be interesting if Bitcoin can continue going up. But Bitcoin could also go to $7,900 before the market opens tomorrow at 6:00 pm in the futures. So we will see how this goes.”
With a thriving YouTube channel and over 92,000 subscribers, Vays is one of many de-platformed YouTubers in the Bitcoin and crypto space, where enthusiasts post educational content for beginners as well as technical analysis for sophisticated traders. Like Reddit and Twitter, YouTube is a massive platform for crypto industry insiders and entrepreneurs who are trying to connect with mainstream viewers. Content creators like Vays, who has not monetized his channel with sponsors or advertisers, use YouTube to grow an audience for online crypto classes, conferences and webinars.
Last year, YouTube fueled fear that it was purging all crypto content from its platform when several accounts were removed, along with all of their videos, before the flagged accounts were eventually reinstated.
YouTube has also attracted scammers impersonating Microsoft and Bill Gates and who claim to give away free Bitcoin.
Vays, a long-term Bitcoin bull and former vice president at JP Morgan Chase, has concluded that his temporary YouTube ban might have been a glitch. Vays tweeted,
“Oh wow, so the day after I get the identical ban (thank you Twitter #Bitcoin community for helping to get my channel back) the same happens to @BTCsessions. Hope @TeamYouTube take a look at it soon. I honestly think it’s a bad algo at @youtube & not anti $BTC agenda.”
Featured Image: Shutterstock/EtiAmmos
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