Veteran cryptocurrency analyst and trader Tone Vays announced that he maintains his bullish outlook for Bitcoin (BTC) amid the bearish wave that has shaken the cryptocurrency market in general. Here is the analyst’s analysis for BTC.
Analyst: Bitcoin More Likely to Rise than Fall
Closely followed cryptocurrency analyst Tone Vays has argued that Bitcoin is much more likely to rise by over 30 percent from current levels than it is to fall to around $22,000. The analyst’s bullish thesis is based on the fact that Bitcoin’s block reward halving is less than a year away:
I’m more confident in these support areas after a 10 percent, 20 percent pullback… I am more confident because there is less time for the halving. The odds of a random upside swing where we go straight up to $34,000 are much higher than the odds of a random downside crash where we hit $22,000. As if we’re sitting here at $27k, going up $7k to get to $34k outweighs going down $5k. I think it’s much more likely to go up $7,000 than it is to go down $5,000 from here. I just think the probability of downward movement is very low.
Expects a Decline of Up to $ 25,000 by the Middle of the Month
The experienced cryptocurrency analyst stated that even if there is an extreme pullback in BTC that exceeds his expectation, the bullish expectation will remain intact:
Even if we continue to exceed my bearish expectation, I expect to rise from $25,000 here as I am at $20,000. In fact, there is not much difference between a pullback to $25,000 and a pullback to $20,000, but it would be a little safer for the price to rise by pulling up to $25,000. And such a drop probably won’t happen tomorrow, but it could still happen in mid-May.
