A seasoned crypto trader says that an encore of Bitcoin’s (BTC) parabolic rally in 2019 would not be ideal for the future price action of the king crypto.
In a new video update, veteran trader Tone Vays tells his 123,000 subscribers that he doesn’t want to see BTC break the $35,000 level on its first attempt as it may lead to problems.
Vays says that in 2019, BTC grew a staggering 200% in four months after bottoming out, and then proceeded to stagnate for over a year, which included a sudden 70% decrease in price.
The trader says the speed of BTC’s growth at the time later caused the 70% correction as Bitcoin failed to build stronger bases that could absorb sell-offs.
Instead, he says that slow and steady growth would be better.
“If we rally all the way to say $50,000, we can easily crash back down to $25,000 or $30,000. But if we slowly go up to $50,000, I think the chances of going back to $30,000 are going to be super low.
So in a perfect world, we slow our roll right now, go up a little bit [this] week, maybe touch $30,000, pull back down to $25,000 and then break $30,000, head to $35,000, go back from $35,000 down to $30,000, then break $35,000 [again].”
Vays says that if Bitcoin were to break the $35,000 level in the coming months, he envisions the leading digital asset by market cap rallying all the way back up to somewhere between $50,000 and $60,000.
“If you break $35,000 sometime this summer, then sure we can go up to $50,000 or $60,000 and then only pull back to about $30,000 or $40,000. And we can avoid the $20,000s ever again.”
Bitcoin is trading for $27,633 at time of writing.
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The post Veteran Trader Tone Vays Says He Does Not Want a Repeat of Bitcoin’s 2019 Parabolic Rally – Here’s Why appeared first on The Daily Hodl.
