Bitcoin must pull back sharply this weekend in order to rally next week, says crypto analyst Tone Vays

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A popular crypto analyst believes Bitcoin (BTC) should experience a rapid withdrawal soon if traders want to see higher highs next week.

In a new market update, crypto analyst Tone Vays told its 115,000 YouTube subscribers that BTC could erupt once it crosses $ 63,000. But first he expects a drop in the region of $ 55,000.

“I’m not too thrilled with this. However, we can now lower our breakout zone to $ 63,000. If the price of Bitcoin exceeds $ 63,000, we will break the previous high ($ 66,900).

Now what I really want to see is another setback. I want to see us back down this weekend, strong. Go straight back to $ 55,000, then bounce off it. “

After hitting a new all-time high of just under $ 67,000 this month, BTC calms down and consolidates above $ 60,000. At the time of writing, Bitcoin is trading at $ 62,586, according to CoinGecko.

Vays believes a $ 55,000 Bitcoin would present a great entry opportunity, but doesn’t rule out a slightly larger correction before rising to $ 100,000.

“I think it’s the bottom. I really think if we go down to $ 55,000 or $ 56,000 that’s a great downside buying situation…

My worst case scenario is really $ 52,000 or $ 53,000. This is my worst case scenario. I don’t see us going below that support zone and then I see another $ 100,000 towards the end of the year. I expect a huge rally any minute.

In September, Vays accurately predicted that Bitcoin would hit its previous all-time highs in mid-October. The next part of his prediction calls for a six-digit BTC at the end of December.

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