Veteran crypto trader and analyst Tone Vays is unveiling his worst-case scenario for Bitcoin in the short term.
In a new strategy session with on-chain analyst Willy Woo, Vays says that with Bitcoin’s recent piercing of the $42,000 level, he’s less convinced of a significant move down for BTC as he expects the king crypto to rally to a new all-time high.
“I still think that there will be a little bit of a pullback. At first, I thought the pullback would go as low as $35,000 at its worst-case scenario, before getting up to new all-time highs. Now that we’ve made it all the way to $42,000 and change, I think the pullback should go no lower than $37,500 before coming back to the forties and eventually breaking out of it sometime in August or early September. That’s basically my overall view on Bitcoin.”
Vays’ perspective is a tweak on his previous prediction where the crypto analyst initially expected a “capitulation day” for Bitcoin, where BTC would print a new 2021 low. Now, Vays thinks the June 21st low of $28,675 won’t likely be seen again as long as Bitcoin reclaims the $42,000 level.
“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.”