Tone Vays, a legendary crypto trader and analyst, has recently stated that Bitcoin (BTC), the largest cryptocurrency by market cap, has been struggling to sustain its rally after the significant surge in price over the past weeks.
In a new strategic video, Vays told his teeming YouTube subscribers that Bitcoin (BTC) is currently facing heavy resistance as it surges closer to retesting the $25,000 price level.
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Although he believes that the flagship crypto will surpass the resistance level eventually, he thinks BTC rally will have to take a break for now.
Tone Vays noted:
“The weekly chart is exactly where we’re expecting it to be, slowing down and struggling to break $25,000. We are back under $24,000. I am expecting a bit of a pullback over the next few weeks. We could hit that $25,000 mark. I would be surprised if we break right through it and go higher, so I am looking for either consolidation or a bit of a pullback.”
According to the veteran trader, the time it took BTC to surpass $24,000 was too short.
“This thing went up way too far, way too fast,” Vays stated
It can be recalled that BTC was still trading at relatively $16,000 back in November 2022. This indicates that it took Bitcoin only about two months to be priced above $24,000, representing about 50% price surge.
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Vays further added that he’s waiting for the price to drop before he accumulates more coins:
“I hate chasing so I did not add to my bullish position but I do plan to do so on a pullback… Normally consolidations at the top lead to more upside eventually, but right now, I am a little bit skeptical because of the weekly resistance and how far the daily chart is above all its moving averages, so once again, I am anticipating a bit of a pullback before it goes higher.”
At the time of filing this report, Bitcoin (BTC) is trading at $23,006, with a relatively 1% price upsurge based on 24-hour estimation.
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