BitcoinPrice Analysis

Bitcoin Price Analysis : A pullback to $55k Level On Horizon Before a Massive Breakout!

Written by: Mustafa Mulla

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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Oct 31, 2021

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Bitcoin is gradually recovering from its early-week sell-off and has returned to the multi-week bullish channel that has characterised BTC price activity in recent months. After a modest uptick yesterday, Bitcoin price analysis is bearish today, as another lower high has been set below $63,000.

Drop First, Breakout Later!

If traders want to see higher highs next week, a famous crypto analyst believes Bitcoin (BTC) is ready for a sharp retreat. 

Crypto expert Tone Vays says of his 115,000 YouTube subscribers in a recent market report that BTC could break out once it reaches $63,000. However, he anticipates a drop to around $55,000 first.

Our breakaway area, however, can now be reduced to $63,000. We’ll break the previous swing high ($66,900) if Bitcoin prices rise above $63,000. What he truly wants to see now is another pullback down. This weekend, I’d like to see us really pull back. Pull back to $55,000 and then bounce off of it.

BTC is cooling off and stabilising over $60,000 after rising to a new all-time high of just about $67,000 earlier this month. According to CoinGecko, Bitcoin is trading at $62,586 at the time of writing. 

Vays believes a $55,000 Bitcoin would be a good entry point, but he doesn’t exclude a slightly larger decline before the price rises to $100,000. He believes that’s the lowest point. If it falls to $55,000 or $56,000, It will be a wonderful buy-the-dip opportunity.

In reality, my worst-case situation is $52,000 or $53,000. It’s the worst-case scenario for me. I don’t see us falling below this level of support, and I still expect $100,000 by the end of the year. “I’m expecting a massive rally at any moment.” 

Vays correctly anticipated that Bitcoin would surpass its prior all-time highs in mid-October in September. The second phase of his forecast predicts a six-figure BTC by the end of December.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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