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.”
ETH/BTC is trading for 0.0543 BTC ($1,608) at time of writing.
Lastly, the trader predicts that the peer-to-peer payments network Litecoin (LTC) will continue its decline against Bitcoin (LTC/BTC) based on historical price patterns after LTC halving events.
“Litecoin is on its way to an 80% destruction. I’ve made this very clear many times. Every time Litecoin halves, the price of Litecoin goes down 80%. This happened after the Litecoin halving in 2015, after the Litecoin halving in 2019, and [likely] after the Litecoin halving in 2023…
We’re down 30%. We need to go 80%.”
Looking at his chart, the trader seems to believe that against Bitcoin, Litecoin will decline to 0.000570 BTC ($16.83).
LTC/BTC is trading for 0.00214 BTC ($63.64) at time of writing.
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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 loses 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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