Veteran crypto trader Tone Vays is predicting that Bitcoin’s (BTC) latest rally will end before reaching a key level.
In a new strategy session, Vays tells his 122,000 YouTube subscribers that despite BTC’s 10% surge this week, he does not believe the king crypto will hit the $32,000 level.
“Let’s not go crazy here. I still think there’ll be a pullback sometime in November. I don’t think this is rallying to $32,000.”
Looking at the trader’s chart, Vays seems to predict that Bitcoin will fall to around $28,000 before taking out the top of the range at $31,000 and rallying above $34,000.
Bitcoin is trading for $29,573 at time of writing.
Next, the trader warns that Ethereum (ETH) is forming a double-bottom pattern against Bitcoin (ETH/BTC). While the double-bottom pattern is typically seen as a bullish formation, Vays believes that the pattern’s support will not hold for ETH/BTC, setting up the pair for more downside price action.
“Ethereum is making new lows against Bitcoin. This is not surprising. Ethereum is in a very critical support area…
On a monthly scale, Ethereum still has significantly more downside. This is a very nasty double bottom. This is very bad for Ethereum. This sets up Ethereum to go significantly lower.”
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Author: Daily Hodl Staff
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