Cointelegraph Team
Cointelegraph
Bitcoin (BTC) hitting $7,000 is now the “worst-case scenario,” veteran trader Tone Vays said on Sep. 23.
In the latest episode of his Market Pulse YouTube series, Vays said he was looking for a BTC price bottom of $9,000.
Vays: $9,000 BTC price is “very good buy the dip” opportunity
BTC/USD has maintained $10,000 support this week but has so far failed to reclaim higher levels after its fall from $11,000 several days ago.
“If we break down, I think $9,000 is a very good ‘buy the dip,’” Vays said.
“What is my worst case scenario low point if we break down? My worst case scenario is $7,000.”
Vays added that $9,000 for him was the “most realistic” outcome of a bearish trend taking hold of Bitcoin markets.
“The longer Bitcoin stays above $10,000, the more bullish Bitcoin is,” he continued.
“Consistency on the way up is bullish; consistency on the way down is bearish.”
Bitcoin has focused on $10,000 in a way which is bullish compared to its bottom of $3,600 in March, but less convincing versus recent highs of $12,500. Reclaim $12,000, however, and for Vays, “the sky’s the limit.”
BTC/USD 1-month price chart. Source: Coin360
Downside risk may be no more than 35%
As Cointelegraph reported, analysts are forming consistently more bullish prognoses for Bitcoin, even if short-term price action contains further downside.
This week, quant analyst PlanB highlighted the cryptocurrency’s 200-week moving average, which has never been broken as support, as proof that a realistic price floor is now $6,700. Next month, that level will increase to sit in line with Vays’ $7,000 prediction.
According to Cointelegraph Markets analyst Michaël van de Poppe, however, for the time being, BTC/USD has avoided losing the support that would open up the prospect of retesting the CME futures gap at $9,600.
Still in play from July, the gap is the last noticeable short-term price draw at lower levels from futures, with the only other lying much higher at $16,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC bloodbath continues, near 30% down from its ATH
Bitcoin price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
Cardano poised for double-digit drop amid market weakness
Cardano price is extending its decline by nearly 7%, trading around $0.60 on Friday after falling 23% this week. Santiment data support this decline as ADA daily active addresses are falling, and the technical outlook indicates a continued correction, with ADA potentially facing an additional double-digit decline.
XRP short-term holders dominate sell-off as whales buy the dip
XRP short-term holders dominated the selling activity during the recent market crash. XRP whales have been accumulating more tokens during the crash, adding over $1 billion worth of tokens. XRP could bounce off the lower boundary of a descending channel if it fails to hold the $1.96 support level.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP continue to sell off
Bitcoin (BTC) price continues declining on Friday after falling more than 15% this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and declined by nearly 24% and 21%, respectively.
Bitcoin: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.