Cryptocurrency analyst Tone Vays recently warned about this Bitcoin BTC/USD is likely to fall by over 13% from the current price before a rally can occur.

About the bitcoin rally, he says An adverse move is likely to occur before a bullish cycle can be confirmed.

Vays says Bitcoin has remained range bound for too long after falling to a two-year low in November, which is atypical behavior when an asset’s price has bottomed.

“I believe the main reason for this is that we’ve spent way too much time at the $16,000 lows. The market bottom usually means you only have a few hours to buy the perfect bottom. You don’t have a week to think about buying the perfect low,” Vays explained.

He predicted that entry opportunities for Bitcoin will arise once the flagship crypto-asset capitulates or a rally is confirmed.

“Either we crash below $15,000 and that’s an amazing opportunity to buy the downside. Or wait and buy the breakout above $21,500,” he said.

Also read: Wall Street Wolf Says He Was Wrong About Bitcoin: ‘I Really Hated Crypto’

“You either have minimal time to buy the perfect low, or it spends so much time at the perfect low that people don’t believe it’s low. So I’m still very concerned about another capitulation to the downside,” Vays added.

Last week he warned that Bitcoin still looks pretty weak and could be on the verge of another capitulation.

He said the The current market situation for Bitcoin is still not promising as it remains trapped around $17,000 with no sign of growth.

However, another crypto analyst dubbed Smart Contracter said last week that Bitcoin’s rally is likely to come to an end and would drop to another low, followed by six months of accumulation.

“I think we’re close to a bottom, not quite there but close” The analyst tweeted.

Price check: On Saturday, Bitcoin was trading flat at $17,191.52 after gaining 1.29% over the past seven days.

Photo: Simple FX on flickr