Bitcoin fan Tone Vays said the pullback is coming. Veteran crypto trader Tone Vays says a pullback is imminent despite Bitcoin’s rallying very quickly on its daily and weekly charts. Detail cryptocoin.com‘in.
Analyst: “100k after Bitcoin crash”
In a recent livestream about rumors of a Bitcoin (BTC) exchange-traded fund (ETF), Vays said he expects BTC to hit around $62,000 by October 19. We are on the right track for what I’ve been waiting for. October 19th was where I was looking for that summit. So we have about three or four days. Especially if we keep going up and up.” In terms of taking profits before any potential pullbacks, Vays stated that he is looking at whether Bitcoin has met certain targets and has increased by almost 50% in a matter of weeks. Vays says:
It’s probably a good time to take your profits for a pullback because it would have gone too far too quickly. Three weeks ago the price was half of today… we are going up pretty quickly and there will be a pullback… but right now the weekly chart is fully bullish and you still have room.
Vays says that with such a rapid rise, a drop is more likely, predicting a pullback to around $53,000 or $54,000, and is hopeful of the year-end target. Vays: “Bitcoin is looking great, I’m still thinking of a mid-60s double peak with April, maybe a pullback to the mid-50s, and then I still have a chance to be right about that $100,000 at the end of the year. I am still optimistic.”
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