Analyst Tony Weiss names the lowest level bitcoin will reach

Popular cryptocurrency analyst Tony Weiss has shared his own forecasts of bitcoin’s value. According to Weiss, the market leader may soon experience a much larger market correction.

In a new video, the experienced trader told his 123,000 YouTube subscribers that bitcoin could fall to the mid-$ 30,000 range if it fails to regain a key level.

«All signs point to a much, much bigger correction. I hope that won’t happen. I really hope that we will go up. I don’t want to see a correction. We have already dealt with a huge bear market. However, I am going to stay on the sidelines with cash until bitcoin breaks above these moving averages,» the analyst explained.

According to Tony Weiss, he expects BTC $78,110.09 Mezo Wrapped BTC -1.48% Market capitalization $76.94 million VOL. 24 hours $1.15 billion to move to $ 36,000 in the near future. The trader expects that bitcoin will not return to the $ 20,000 range, but it will be able to retest the $ 30,000 level.

Back in August, when BTC was trading at $ 25,000, the analyst expected the asset to drop to $ 20,000. At the time, Weiss was convinced that if bitcoin did drop to $ 25,000, there was a high probability of a long-term decline in the market leader. According to the expert, the first cryptocurrency «is on the edge of an abyss and things look bad.»