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Here’s the Worst Case Scenario for Bitcoin in the Short Term, According to Trading Veteran Tone Vays

Here’s the Worst Case Scenario for Bitcoin in the Short Term, According to Trading Veteran Tone Vays


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.”

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