Why This Crypto Analyst Says Bitcoin Is Likely To Take An Adverse Move Before Climbing – Bitcoin (BTC/USD)

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Cryptocurrency analyst Tone Vays recently warned that Bitcoin BTC/USD is likely to plunge more than 13% from the current price before a rally can occur.

About the Bitcoin rally, he says it is likely to see an adverse move before a bull cycle can be confirmed.

Vays says Bitcoin has stayed in a range for too long after plunging to a two-year low in November, which is atypical behavior when an asset’s price has bottomed out.

“The main reason I think that’s because we spent way too long at the $16,000 low. The bottom of the market usually means you only have a few hours to buy the perfect low. You don’t have a week to think about buying the perfect bottom,” Vays explained.

He predicted that entry opportunities for Bitcoin will arise once the flagship crypto asset capitulates or after confirming a rally.

“Either we crash below $15,000, and it’s an incredible buying opportunity. Or you wait and buy the breakout above $21,500,” he said.

Also Read: The Wolf of Wall Street Says He Was Wrong About Bitcoin: ‘I Really Hated Crypto’

“Either you have minimal time to buy the perfect low, or he’s spending so much time at the perfect low that people don’t believe it’s low. That’s why I’m always very concerned about a sellout of more,” Vays added.

Last week, he warned that Bitcoin still looked quite weak and could be close to another sellout.

He said the current market situation for Bitcoin is still not promising as it remains trapped around $17,000 with no signs of growth.

However, another crypto analyst named Smart Contracter said last week that Bitcoin’s rally was likely coming to an end and it would fall to a low, followed by six months of accumulation.

“I think we are close to a bottom, not quite there yet, but close,” the analyst tweeted.

Price check: Bitcoin was trading at $17,191.52 on Saturday, having gained 1.29% over the past seven days.

Photo: Simple FX on flickr

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