Bitcoin should witness correction, but longer consolidation at the top would take the price higher, claims Tone Vays
After the recent correction in prices, Bitcoin’s valuation was again under debate: whether the present market volatility will pump the virtual asset’s price or another pullback would be witnessed. Vinny Lingham, CEO of Civic, recently discussed the possibility of Bitcoin going below $3000 and stated that the bear cycle “wasn’t necessarily over.”
Now, Tone Vays, notable cryptoanalyst, recently stated that Bitcoin might exhibit another pullback that might initiate another price fall for the coin.
According to Vays, he indicated that if Bitcoin did not rally over the next 24 hours and breach the $8300 range, there was a chance of another pullback for Bitcoin, as the candles would indicate a “bearish posture.”
In his analysis, Vays stated that the price was still supported by the Moving Average but the final candle or candle 9, of the present trend, suggested a significant correction.
Vays also mentioned that in the long term, he expected Bitcoin to undergo more prominent correction, expecting more “lower lows.” He said,
“I am expecting Bitcoin to go below $7000 at the very least. Bitcoin did not come that close as we came down to $7430 but I am looking for below $7000. However, I believe it will be closer to $4000 when it is also said and done on the pullback but currently anything can happen.”
Additionally, Vays stated that if a potential pullback was on the cards, it would occur much “sooner than later”. He suggested that the longer Bitcoin continued to consolidate over the $7500 range and near the $8000 mark, the chances of Bitcoin going higher increases and the pullback will not surface on a major scale.
However, Vays inclined back to his former analysis and mentioned that he believed that correction was on the table for Bitcoin and it would go lower in valuation in the next few trends.
“I am somewhat bearish here even thought the bottom seems likes it is in as we get closer and closer to the Bitcoin halving.”
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