Tone Vays, a veteran crypto analyst and trader, has stated that he does not want a repeat of the 2019 parabolic rally for the future trend of Bitcoin (BTC), the largest cryptocurrency by market cap.
In a new video, Vays told his teeming YouTube subscribers that he does not want Bitcoin to break the $35,000 resistance level on its first attempt as it may end badly for the flagship cryptocurrency.
Back in 2019, according to the veteran trader, BTC experienced a relatively 200% rally in four months, and remained stagnant for more than a year, followed by a sudden 70% price crash.
Vays, in the video, attributed the 70% price crash to the speed of the BTC price surge at the time. He said the king crypto failed to build stronger bases that are capable of absorbing the sell-offs that followed.
He said instead of this rapid rise from the bottom, he prefers slow and steady growth for BTC.
The trader further added that if Bitcoin were to break the $35,000 level in the coming months, it may rally all the way back up to somewhere between $50,000 and $60,000.
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Tone Vays noted:
“If we rally all the way to say $50,000, we can easily crash back down to $25,000 or $30,000. But if we slowly go up to $50,000, I think the chances of going back to $30,000 are going to be super low.
“So in a perfect world, we slow our roll right now, go up a little bit [this] week, maybe touch $30,000, pull back down to $25,000 and then break $30,000, head to $35,000, go back from $35,000 down to $30,000, then break $35,000 [again].
“If you break $35,000 sometime this summer, then surely we can go up to $50,000 or $60,000 and then only pull back to about $30,000 or $40,000. And we can avoid the $20,000s ever again.”
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