Bitcoin is gradually recovering from its early-week sell-off and has returned to the multi-week bullish channel that has characterised BTC price activity in recent months. After a modest uptick yesterday, Bitcoin price analysis is bearish today, as another lower high has been set below $63,000.
Drop First, Breakout Later!
If traders want to see higher highs next week, a famous crypto analyst believes Bitcoin (BTC) is ready for a sharp retreat.
Crypto expert Tone Vays says of his 115,000 YouTube subscribers in a recent market report that BTC could break out once it reaches $63,000. However, he anticipates a drop to around $55,000 first.
Our breakaway area, however, can now be reduced to $63,000. We’ll break the previous swing high ($66,900) if Bitcoin prices rise above $63,000. What he truly wants to see now is another pullback down. This weekend, I’d like to see us really pull back. Pull back to $55,000 and then bounce off of it.
BTC is cooling off and stabilising over $60,000 after rising to a new all-time high of just about $67,000 earlier this month. According to CoinGecko, Bitcoin is trading at $62,586 at the time of writing.
Vays believes a $55,000 Bitcoin would be a good entry point, but he doesn’t exclude a slightly larger decline before the price rises to $100,000. He believes that’s the lowest point. If it falls to $55,000 or $56,000, It will be a wonderful buy-the-dip opportunity.
In reality, my worst-case situation is $52,000 or $53,000. It’s the worst-case scenario for me. I don’t see us falling below this level of support, and I still expect $100,000 by the end of the year. “I’m expecting a massive rally at any moment.”
Vays correctly anticipated that Bitcoin would surpass its prior all-time highs in mid-October in September. The second phase of his forecast predicts a six-figure BTC by the end of December.