Crypto Analyst Tone Vays Predicts Bitcoin Rally Will Fall Short of $32,000
Veteran crypto trader Tone Vays believes that Bitcoin’s recent rally will not reach the $32,000 level. Despite BTC’s 10% surge this week, Vays predicts a pullback in November before Bitcoin can hit that key level. According to his chart analysis, Vays expects Bitcoin to fall to around $28,000 before breaking through the range top at $31,000 and rallying above $34,000. Currently, Bitcoin is trading at $29,573.
Ethereum Forms Double-Bottom Pattern Against Bitcoin
Vays also warns about Ethereum’s performance against Bitcoin. He notes that Ethereum is forming a double-bottom pattern, which is usually considered bullish. However, Vays believes that the pattern’s support will not hold for ETH/BTC, indicating more downside price action for Ethereum. On a monthly scale, he sees significant potential for Ethereum to decline further. Currently, ETH/BTC is trading at 0.0543 BTC ($1,608).
Litecoin Expected to Decline Further Against Bitcoin
Based on historical price patterns after LTC halving events, Vays predicts that Litecoin will continue its decline against Bitcoin. He states that Litecoin has experienced an 80% drop in price after each halving event in the past and expects a similar outcome after the 2023 halving. Looking at his chart analysis, Vays suggests that Litecoin could decline to 0.000570 BTC ($16.83) against Bitcoin. Currently, LTC/BTC is trading at 0.00214 BTC ($63.64).
Hot Take: Tone Vays Advises Caution Amidst Crypto Market Surges
Crypto analyst Tone Vays offers cautionary advice to traders amidst recent surges in the market. While Bitcoin has seen a significant rally, Vays predicts a pullback before reaching the $32,000 level. He also highlights potential downside for Ethereum and Litecoin against Bitcoin. Vays’ analysis serves as a reminder to not get carried away by short-term gains and to consider potential corrections and market patterns. Traders should approach the current market conditions with careful consideration and risk management strategies.
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