Bitcoin has been under the sign of a large correction for a few days now, and while some analysts hope that this will be over soon, Tone Vays believes that he should be buckling up for more.
He recently told his YouTube subscribers that he believes BTC is set to rally in the short term but may face a big sell-off after.
He said that the momentum reversal indicator (MRI), which is an indicator that predicts the end of a trend based on price momentum, is already flashing signs that BTC has bottomed out for now.
“The current candle is looking very promising. That is a beautiful reversal candle. Even though I like seeing more candles of a trend before considering reversal candles but that is still a nice candle. We have already reset the MRI count, so we will have a brand new MRI count to the upside if this thing keeps going,” he said as cited by the online publication the Daily Hodl.
He also said: “I believe the correction has ended… I am calling it right here on live air that I believe we are now going to be bullish.”
When we can expect a new BTC correction
It’s also important to note that he believes BTC is now poised to print a new all-time high above $72,000 in coming weeks.
But after this upcoming surge, Vays expects BTC investors to take profits en masse.
“If we do close this week at or right near a new weekly closing high, we are back on track for the third consecutive MRI top. Once this third consecutive weekly MRI top comes into play, I believe a bigger correction will follow. It would be awesome if this weekly MRI top in two and a half weeks would coincide with a fresh new daily MRI top.”
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $55,434.93.