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.
Tone Vays, in a recent video update for his subscribers, stated that he does not want to witness BTC surpass the $35,000 level in one attempt as it may lead to complications.
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
