Bitcoin Needs To Pull Back Hard This Weekend in Order To Rally Next Week, Says Crypto Analyst Tone Vays

Steven Spielberg

A popular crypto analyst thinks that Bitcoin (BTC) is due for a quick pullback soon if traders want to see higher highs next week.

In a new market update, crypto analyst Tone Vays tells his 115,000 YouTube subscribers that BTC could break out once it breaches $63,000. But he’s expecting a move down to the $55,000 region first.


“I’m not too thrilled with this. However, we can now lower our breakout area to $63,000. If the price of Bitcoin goes above $63,000, we’re gonna break the prior swing high ($66,900). 

Now what I really wanna see is one more pullback down. I wanna see us pull back this weekend, hard. Pull back right into $55,000, and then bounce right off of that.”

After rallying to a new all-time high of just under $67,000 this month, BTC is cooling off and consolidating above $60,000. At the time of writing, Bitcoin is trading at $62,586, according to CoinGecko.

Vays thinks a $55,000 Bitcoin would present a great entry opportunity but doesn’t rule out a slightly larger correction before ascending to $100,000.

“I think that’s the low. I really think that if we fall to $55,000 or $56,0000, that’s a great buy-the-dip situation…

My worst-case scenario really is $52,000 or $53,000. It’s my worst-case scenario. I don’t see us breaking below this support area, and then I still see $100,000 around end of year. I’m expecting a huge rally any minute.”

In September, Vays accurately predicted that Bitcoin would take out its previous all-time highs in mid-October. The next part of his prediction calls for a six-figure BTC in late December.


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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ziyaburakunlukara/Mia Stendal

Bitcoin Needs To Pull Back Hard This Weekend in Order To Rally Next Week, Says Crypto Analyst Tone Vays

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