Analysts believe Bitcoin is more likely to rise than fall

Analysts believe Bitcoin is more likely to rise than fall

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Well-known cryptocurrency analyst Ton Vays says that the chances of Bitcoin BTC/USD A surge of over 30% from current levels is more than likely Crypto asset crashes at around $22,000.

during one Live stream on YouTube on FridayVays said he is bullish on Bitcoin despite a downturn in the current crypto market.

“I get more confident in those support areas knowing a 10-20% pullback. I’m getting more confident because there’s less time until the halving,” Vays said.

“The probability of a random uptrend where we go straight to $34,000 is much higher than a random crash down where we hit $22,000,” he added while speaking to his YouTube followers .

The analyst said he remains bullish on BTC even if Bitcoin sees more corrections.

“There’s really no difference between a pullback to $25,000 and a pullback to $20,000. In fact, the pullback to $25,000 is probably a bit safer because it probably won’t happen tomorrow.” [but] it will still happen in mid-May,” he said.

Also read: Analyst who predicted May 2021 crypto crash now says Bitcoin will rally to this price by 2024

“I’m just as bullish here at $25,000 as I was here at $20,000 when we pulled back,” Vays added.

Last month the analyst said he prefers a slower and more stable growth trajectory for bitcoin.

Vays cited 2019’s parabolic rally — in which BTC experienced a 200% surge in just four months, followed by a year of stagnation and a sudden 70% price crash — as an example of why rapid increases can be detrimental to the cryptocurrency’s stability .

Vays had said that if Bitcoin breaks the $35,000 resistance level on the first try, it could face similar negative consequences as the cryptocurrency may not have had enough time to build a more substantial base to withstand sell-offs.

At the time of writing, Bitcoin was trading at $26,849, down 9 percent year-on-year.



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