Crypto-trader veteran Tone Vays says that despite Bitcoin’s very rapid rise with its daily and weekly charts, a pullback is imminent.
In a recent live stream during the announcement of the approval of a Bitcoin (BTC) exchange-traded fund (ETF), Vays expects BTC to peak at around $ 62,000 by now October 19.
“We’re on track for what I predicted in the Daily Outlook, where we’re placing around $ 62,000 at the end of this week or early next week. October 19 is where I was looking for this top. So we had about three or four days left. Especially if we keep going up and up.
In terms of profit taking before any potential pullbacks – Vays says it depends on whether Bitcoin hits certain targets, noting how it has risen by almost 50% in a matter of weeks.
“It’s probably a good time to take your profit for a pullback, because it would have grown way too far too quickly.” Three weeks ago the price was half of what it is today… we’re going up pretty quickly and there will be a pullback… but right now the weekly chart is fully bullish and you still have room .
Vays says that with such a rapid rise, the likelihood of a drop is higher – predicting a pullback to around $ 53,000 or $ 54,000, remaining bullish with his year-end target.
“Bitcoin looks great, I still think of the mid 60s for a double top with April, a pullback maybe in the mid 50s, and then I still had a chance to be right about that $ 100,000 at the end of the year. I am still optimistic.
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