BitcoinPrice Analysis

Bitcoin Price Set to Hit $50k! BTC to Breakout In Early September?

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Tone Vays, a seasoned crypto trader and analyst, has revealed his short-term worst-case scenario for Bitcoin. At the time of writing Bitcoin is trading at $38,200. It is down by 4.11% in the last 24 hours.

Vays claims in a new strategy session with on-chain analyst Willy Woo that Bitcoin’s recent piercing of the $42,000 mark has made him less confident of a substantial move lower for BTC, and that he expects the king cryptocurrency to rally to a new all-time high.

He believes there will be some retrenchment. He initially predicted that the retreat would go as low as $35,000 in the worst-case scenario before resuming its upward trajectory to new all-time highs.

Now that we’ve reached $42,000 and plunged, he believes the retreat will be limited to $37,500 before returning to the forties and breaking out in August or early September. That’s pretty much his take on Bitcoin as a whole.

Vays’ viewpoint differs from his earlier prediction, in which the crypto analyst predicted a “capitulation day” for Bitcoin, with BTC printing a new 2021 low. Last week, Vays predicted that Bitcoin would experience a “capitulation day” as it traded under a negative descending triangle formation. If BTC Price manages to climb above its 50-day moving average, the analyst’s prediction may be disproved. 

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.

As long as Bitcoin reclaims the $42,000 mark, Vays believes the June 21st low of $28,675 won’t be seen again.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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