Well-known cryptocurrency analyst tone pathways says that the chances of Bitcoin USD/BTC increase of more than 30% from current levels are higher than the probability that the crypto asset sinking to about $22,000.
During a live stream on youtube on fridayVays said that he is bullish on Bitcoin, despite a downturn in the current crypto market.
โI am more confident in these support areas after learning a 10%, 20% retracement. I am more confident because there is less time to get to the halving,โ Vays said.
โThe probability of a random move to the upside where we go straight to $34,000 is much higher than a random drop to the downside where we are going to $22,000,โ he added, while speaking to his YouTube followers.
The analyst said that he would remain bullish on BTC even if Bitcoin suffered further corrections.
โThere really is no difference between a pullback to $25,000 versus a pullback to $20,000. In fact, the pullback to $25,000 is probably a little safer because it probably won't happen tomorrow, [but] it will still happen in mid-May," he said.
Also read: The analyst who predicted the May 2021 crypto crash now says Bitcoin will rise at this price by 2024
"I'm just as bullish here at $25,000 as I was here at $20,000 when we pulled back," Vays added.
Last month, the analyst said he preferred a slower and steady growth trajectory for Bitcoin.
Vays cited the 2019 parabolic rally, during which BTC saw a 200% rise in just four months, followed by a one-year plateau and a sudden 70% price crash, as an example of why rapid increases can be detrimental to the stability of the cryptocurrency.
Vays had said that if Bitcoin were to break through the $35,000 resistance level on its first attempt, it could have similar negative consequences, as the cryptocurrency may not have had enough time to build a stronger foundation capable of withstanding the sell-off. .
At the time of writing, Bitcoin was trading at $26,849, down 9 percent over the past seven days.
Now read: Analyst Predicts Bold Future for Bitcoin Amid Big Move by Central Banks
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