Veteran trader Tone Vays is issuing a warning that Bitcoin (BTC) could soon undergo a much bigger market correction.

In a new video update, the seasoned analyst tells his 123,000 YouTube subscribers that Bitcoin could dip into the mid-$30,000 range if it fails to reclaim a key level.

“All signs are pointing to a much, much bigger correction. I hope this doesn’t happen. I really hope we go up from here. I don’t want to see us correct. We’ve already dealt with a huge bear market. However, I am going to remain on the sidelines with cash until Bitcoin breaks out above these moving averages. I need to break even the second moving average. I need $44,000. I need a daily close at $44,000 or a move to $36,000. I really need that to go long Bitcoin.

There could be something in between. It depends how fast or how slow we go down. It’s possible I may find a good buying opportunity down here at $39,000. But realistically, I am looking for either a move above the moving average of $44,000 or a move all the way down to $36,000 where we have a beautiful combination of the MRI (Momentum Reversal Indicator) support line on the daily chart, the 128-day moving average and the top of the channel.”

The trader also says that if Bitcoin soon dips below $40,000 that would not be comparable to the historic dips before pre-halving events, when miners’ rewards are cut in half. The next halving event is expected in April.

“Do I think the pre-halving dump has started? No, I wasn’t actually anticipating the pre-halving dump. The pre-halving dump usually happens a few weeks before the halving. It doesn’t happen four months before the halving.”

The trader predicts Bitcoin will not revisit the $20,000 range and would only retest the $30,000 level if there was some black swan event.

“I don’t see us going into the $20,000s. $30,000 is my absolute bottom low. And in order for us to even get to $30,000 something catastrophic happens.”

Bitcoin is trading for $43,222 at time of writing, up nearly 2% in the last 24 hours.

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Monica Long, president of financial and cryptocurrency services company Ripple, has given her take on the presence of cryptocurrency industry actors at the World Economic Forum (WEF) event at Davos. Long stated she considers it “critical” for the cryptocurrency industry to be represented at Davos by mature players to show what is being done and separate it from the hype.

Ripple’s Monica Long: ‘The Industry Needs to Engage With Governments’

Monica Long, president of Ripple, a financial and cryptocurrency services provider, has justified its continued presence at the Davos forum meetings organized by the World Economic Forum (WEF). According to Long, the presence of people linked to the cryptocurrency industry is necessary for bridging the traditional finance world with this new paradigm.

In an interview, Long stated:

It’s critical for our industry to be represented at Davos by mature players who can help dispel the hype that often distracts from the real work being done.

Long explained this is why Ripple will be present this year for the third time in the Davos meetings. Nonetheless, other crypto companies will attend this year, including U.S.-based cryptocurrency exchange Coinbase, stablecoin company Circle, and cryptocurrency projects Stellar and Hedera.

Long sustains that while last year was a disaster for the industry, this one presents promises, given that traditional finance institutions are getting close to the blockchain and its possible applications, including payments, custody, and tokenization. The recent approval of a spot bitcoin EFT product might have also contributed to this newfound interest in the industry.

However, Long stressed that to achieve mainstream adoption, traditional and decentralized finance must amalgamate to serve efficiently the largest number of users possible, meaning that crypto must also adhere to current laws.

She concluded:

The industry needs to engage with governments to ensure that sound policy and regulatory frameworks are established.

Ripple is engaged in a legal battle against the U.S. Securities and Exchange Commission (SEC) that saw a limited resolution in July 2023. However, the commission is now seeking a court order to acquire the financial statements on the institutional sales of XRP.

What do you think about Monica Long’s take on why crypto companies should be present at Davos? Tell us in the comments section below.