Trader Tone Vays says the BTC rate unstable in case of rapid growth
As an example, the expert cited the asset’s 200% growth in 2019, ending with a 70% correction
20.03.2023 - 14:30
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The material is not an investment recommendation and is published for information purposes only.
What’s new? Crypto trader Tone Vays said that bitcoin’s parabolic rally will have a bad effect on the asset’s future price movements. He recalled that in 2019, BTC rose by 200% in four months after hitting bottom, and then continued to stagnate for more than a year before collapsing by 70%. According to Vays, this correction occurred because the asset failed to build a stronger base that could absorb the sell-off. The expert added that a slow and steady rise would have been better.
Prediction on Vays’ YouTube channel
What else did the trader say? Vays predicted that if bitcoin jumps to $50 000, it could easily fall back to $25 000 or $30 000. However, if the cryptocurrency slowly rises to $50 000, there is very little chance of going back to $30 000.
Messari CEO predicts the growth of the BTC rate to $100 000 in 12 months
In addition, Ryan Selkis expects “more bank failures in the next couple of weeks”
Vays called a sharp slowdown in price movement an ideal scenario for BTC. In that case, according to the trader, the asset could touch $30 000 this week, fall to $25 000, then break through $30 000, rise to $35 000, return to $30 000, and finally break through the $35 000 mark. If bitcoin breaks through the $35 000 level in the coming months, it could rise to $50 000-$60 000, the trader believes.
As of March 20, at 13:45 UTC, bitcoin is trading at $27 810, having gained 2,22% in 24 hours and 35,58% in a week, according to Binance.
In February, analyst Peter Brandt also found similarities on the BTC price chart with the events of 2019. According to him, “price walls” patterns significantly for the first cryptocurrency formed then.
In March, analyst Benjamin Cowen predicted bitcoin price fluctuations based on historical data for 2015 and 2019. In his opinion, due to volatility, both bears and bulls are likely to fail in 2023.
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