Experienced cryptocurrency analyst and trader Tone Vays issued a warning, stating that Bitcoin‘s recent rally may end before reaching a crucial level, urging investors to be cautious of FOMO (fear of missing out). The analyst also issued warnings for the altcoin king Ethereum (ETH) and the popular altcoin Litecoin (LTC).
Vays, during his recent strategy session, expressed that despite Bitcoin’s rise of over 10% this week, he does not expect the largest cryptocurrency to reach $32,000. The analyst stated, “At this point, we need to remain calm. I still expect the price to drop in November. I don’t expect Bitcoin to reach $32,000.”
Looking at the Bitcoin chart shared by the analyst, it can be seen that he predicts the largest cryptocurrency to drop to around $28,000 without surpassing the $31,000 threshold, which is the peak of the range in which BTC is currently moving. As of the time of writing, BTC is trading at $29,987 with a 1.23% increase in the last 24 hours.
After Bitcoin, Vays first looked at Ethereum and noted that the altcoin king has formed a double bottom pattern against Bitcoin (ETH/BTC), but he does not expect this pattern to result in an uptrend. Although the double bottom pattern is typically seen as a bullish formation, the analyst does not expect it to serve as support for ETH/BTC and believes that the trading pair will move downwards.
Lastly, Vays evaluated the peer-to-peer payment network Litecoin and mentioned that historical data shows a downward trend for LTC against Bitcoin (LTC/BTC) following the block reward halving. He stated that he expects a decline in the LTC/BTC trading pair.
According to the analyst, the LTC/BTC trading pair is on the verge of a major collapse, which would result in an 80% drop in the price of the popular altcoin. Vays supported his collapse expectation by citing the 80% drop that occurred after the block reward halvings in 2015 and 2019.