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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Featured Image: Shutterstock/ziyaburakunlukara/Mia Stendal
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