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Experienced cryptocurrency analyst and trader Tone Vays stated that he expects the price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, to rise despite trading below $30,000.
Cryptocurrency analyst Vays expects a upward movement in the price of Bitcoin as long as the support level at $28,000 is not broken downwards. According to the analyst, if BTC manages to rise and stay above $30,000 for at least a few days, it can increase its value by approximately 17% from current levels:
I am still on the bullish side in the market. I believe that the price will continue to rise as long as it holds above $28,000. We will be looking for confirmation in the form of consistent closing above $30,000. This means spending a few days above $30,000, even if it’s not a whole week. That’s when my confidence in reaching $34,000 will increase.
Meanwhile, experienced analyst warned investors about the possibility of further decline in the largest cryptocurrency if BTC falls below the support at around $28,500:
The level of $28,500 is a level that will start to concern me. It is the bottom point of the previous consolidation zone. Things can get ugly below this level. If it falls below this (diagonal) trend line, we will dangerously approach the second bottom level of $28,500, and if it breaks this trend line downwards in the next few days or next week, I will assume that we will fall to the second bottom level and consider the possibility of breaking that level when we touch it.
Current Situation of Bitcoin
According to data provided by cryptocurrency data platform CoinMarketCap, Bitcoin is trading just above $29,000 with a 0.50% decrease in the last 24 hours, at $29,900. Therefore, it can be said that BTC is approaching the dangerous level indicated by Vays and caution is advised.
Data shows that the largest cryptocurrency has decreased by 1.10% in the last 7 days and 5.77% in the last 30 days.
