Tone Vays, a seasoned crypto trader and analyst, has revealed his short-term worst-case scenario for Bitcoin. At the time of writing Bitcoin is trading at $38,200. It is down by 4.11% in the last 24 hours.
Vays claims in a new strategy session with on-chain analyst Willy Woo that Bitcoin’s recent piercing of the $42,000 mark has made him less confident of a substantial move lower for BTC, and that he expects the king cryptocurrency to rally to a new all-time high.
He believes there will be some retrenchment. He initially predicted that the retreat would go as low as $35,000 in the worst-case scenario before resuming its upward trajectory to new all-time highs.
Now that we’ve reached $42,000 and plunged, he believes the retreat will be limited to $37,500 before returning to the forties and breaking out in August or early September. That’s pretty much his take on Bitcoin as a whole.
Vays’ viewpoint differs from his earlier prediction, in which the crypto analyst predicted a “capitulation day” for Bitcoin, with BTC printing a new 2021 low. Last week, Vays predicted that Bitcoin would experience a “capitulation day” as it traded under a negative descending triangle formation. If Bitcoin manages to climb above its 50-day moving average, the analyst’s prediction may be disproved.
“Are we about to do one more short squeeze? Right now, I still think right now we’re in a little bit of a ‘no touching’ zone, but if we go back above $42,000, I think it’s on all the way to $50,000.”
As long as Bitcoin reclaims the $42,000 mark, Vays believes the June 21st low of $28,675 won’t be seen again.