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Categories: Bitcoin
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May 13, 2023

Bitcoin More Likely To Surge Higher Than Plummet, According to Veteran Crypto Trader Tone Vays – Here’s Why

By Daily Hodl Staff

Veteran crypto trader and analyst Tone Vays is saying he remains bullish on Bitcoin (BTC) amid a downturn in the market.

Vays tells his 123,000 YouTube subscribers that the chances of Bitcoin surging by over 30% from the current levels are higher than the probability of the flagship crypto asset plunging to around $22,000.

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According to Vays, his bullish thesis is informed by the fact that the Bitcoin halvening is less than a year away.

“I become more confident in these support areas after you know a 10%, 20% pullback…

I become more confident because there’s less time to go to the halving.

The probability of a random swing to the upside where we go straight to $34,000 is way higher than a random crash to the downside where we’re hitting $22,000.

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Like we’re sitting here at $27,000 so to get to $34,000 that’s $7,000… to go down $5,000.

I think plus $7,000 is a lot more likely than down $5,000 from here. I just think the downside is very limited, very limited.”

Bitcoin is trading at $26,792 at time of writing.

The veteran crypto trader says his bullish thesis will remain intact even if Bitcoin undergoes further corrections.

“I’m as bullish over here at $25,000 as I was over here at $20,000 when we pulled back.

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There’s really no difference between a pullback to $25,000 versus a pullback to $20,000. In fact, the pullback to $25,000 is probably a little bit more secure because it’s not going to probably happen tomorrow, [but] it’ll still happen in mid-May.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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