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.
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.
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.
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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