Seasoned cryptocurrency trader Tone Vays warns Bitcoin (BTC) traders that the king crypto is at risk of igniting another sell-off event.

“We are below all the moving averages… The [200-day] moving average is about to start declining. That is not a good sign… This is a bad-looking daily chart. If this candle closes below $38,500, it is pretty bad… This arrow [pointing to $25,000] is somewhat realistic…

There is a possibility of a snapback to the [50-day] moving average… We may be double bottoming again with $36,500 and then from there, this disaster can occur.”

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