Bitcoin: A Steady and Gradual Increase in Price Would be Better, According to Tone Vays
A veteran crypto trader suggests that Bitcoin's parabolic surge in 2019 could pose a problem for the digital currency's future price action.
He explained that in 2019, Bitcoin’s value grew by a whopping 200% in four months after hitting its lowest point, followed by over a year of stagnancy, including a sudden 70% price decline.
Vays believes that this happened because Bitcoin’s growth happened too quickly, and it failed to establish a robust foundation that could absorb sell-offs.
He recommends a slower and steadier growth pattern for the digital currency instead. Vays proposes that a gradual increase to $50,000 would be more favorable, decreasing the likelihood of Bitcoin dropping back to $30,000.
According to Vays, if Bitcoin broke the $35,000 level in the coming months, the leading digital asset by market cap could rally back to somewhere between $50,000 and $60,000.
At the time of writing, Bitcoin is being traded for $27,633.