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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 $80,863.18 Bitcoin 2.69% Market capitalization $1.62 trillion VOL. 24 hours $1.37 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.»