Is that surrender? Veteran trader Tone Vays calls for Bitcoin (BTC) to bottom – here’s when

A veteran Bitcoin (BTC) trader says capitulation for the largest crypto asset by market cap is just around the corner.

In a recent live stream, Tone Vays says there isn’t enough volume in the BTC markets yet to say we’re still in capitulation.

“We’re not there yet. We’re almost there, this is an awful hour… The other problem is that on a daily level, this tells you it’s not over yet. The volume tells you it’s not over yet. This volume would have to be significantly higher than this volume for us to admit that this is a capitulation.”

Vays then looks at Bitcoin’s Momentum Reversal Indicator (MRI), an advanced technical analysis metric that predicts trend lifecycles based on an asset’s momentum. The trader says that BTC’s MRT points to a few more days of downside before a market reversal can take place.

According to Vays, BTC is unlikely to fall below $19,000.

“This candle is showing signs of a reversal. According to the MRI, we could still have four or five days down here. Can we go down to $17,180,000? Yes. In fact, if we go all the way to $19,000 we will perfectly pull back to the previous swing high, after that if we go down the next level could be all the way down at $14,000.

I personally don’t think we’re going to go that deep. I personally think $19,000 is as little as it gets. I’ve always said that [at] $21,000-$22,000, start selling kidneys and get into bitcoin…”

Bitcoin is trading at $23,413 at the time of writing, down 18.5% over the past 24 hours.

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