‘Unprecedented’ Bitcoin Run About To Come to an End, Predicts Trader Tone Vays – Here’s His Timeline

According to Vays, no matter what the SEC decides, he envisions a “sell-the-news” type of event for the top crypto asset by market cap.

“I’ve been looking for a top in the $48,000 range, sometime in mid-January in line for their next rejection of the Bitcoin ETF.

Even if the Bitcoin ETF is not rejected, I still expect it to be a sell-the-news event, not a buy-the-news event. So either way, if Bitcoin is reaching this next Fibonacci line (0.618) and the $48,000 price level sometime early to mid-January, I will see that as a near-term top and anticipate a pullback on the SEC news.”

According to Vays, the SEC’s decision will be a sell-off event for BTC due to its big price surge this year. However, he notes that the SEC’s choice could still spark a rally, but only if the flagship digital asset crashes to around the $35,000 level beforehand.

“The reason why it would be a sell-the-news event is because Bitcoin has been on an unprecedented run this year. Bitcoin is up 200% this year. After a 200% run-up, it’s time for a proper pullback…

I would consider this to be a sell-the-news event if Bitcoin is at the top ($48,000).

Remember, we can start crashing tomorrow and Bitcoin could be sitting at $35,000-$36,000 by mid-January, in which case, I’m going to consider good news from the SEC very, very bullish for the price of Bitcoin if Bitcoin is sitting at $36,000. But if Bitcoin is sitting at $48,000, I’m going to consider that a sell-the-news event.”

Bitcoin is trading for $43,172 at time of writing.

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