Tone Vays, a veteran crypto trader, believes that despite Bitcoin’s rapid rise on the daily and weekly charts, a pullback is imminent.
During a recent live stream during the rumored approval announcement of a Bitcoin (BTC) exchange-traded fund (ETF), Vays predicted that Bitcoin (BTC) would reach a high of around $62,000 by October 19th.
“We are right on track for what I predicted in the daily outlook, which is that we will top out at around $62,000 by the end of this week or early next week.” I was looking for that top on October 19th. So we only have three or four days left. Especially if we continue to go up and up and up.”
In terms of profiting before any potential pullback, Vays says it depends on whether Bitcoin reaches certain targets, noting that it has risen nearly 50% in a matter of weeks.
“It’s probably a good time to take your profit for a pullback because it would have gone up way too far, way too fast.” Three weeks ago, the price was a third of what it is now… We are rapidly rising, and there will be a reversal… However, the weekly chart is currently fully bullish, and you still have room.”
With such a rapid rise, Vays believes there is a greater chance of a fall, predicting a pullback to around $53,000 or $54,000 while remaining optimistic about his end-of-year target.
“Bitcoin is looking fantastic.” I’m still thinking mid-60s for a double top with April, a pullback to maybe mid-50s, and then I’ve still got a chance at $100,000 by the end of the year. “I’m still hopeful.”