Under pressure from the confidence crisis that followed the FTX meltdown, Bitcoin reached a new two-year low. The largest cryptocurrency in the world is not necessarily in danger of suffering the same destiny as the FTT token, which appears to be losing its relevance.
Tone Vays, a former Wall Street analyst, predicts that Bitcoin will challenge its record high as early as next year. Much if the price drops even lower to $11,000, nothing would change. According to him, there are enough investors who have studied the past to know that significant declines from recent all-time highs represent the best investment opportunities.
A closing above the previous support level of $18,500, in Vays’ opinion, would indicate the formation of a floor. He also believes that BitMEX’s funding rate is currently as low as it was in May 2021, which served as the catalyst for a rally to a new record high.
Many traders are also holding short bets, which will drive the price up when a particular level is broken and a short squeeze occurs.
The crucial $100,000 figure should then be within reach, according to Vayes, if the Fed starts to terminate its monetary tightening cycle in the aftermath of decreasing inflation and weakening economic performance.
— Tone Vays (@ToneVays) November 13, 2022