Crypto analyst Tone Vays recently shared his perspective on the recent trends. While Bitcoin BTC/USD has seen a notable uptick this week, Vays is urging traders to tread cautiously.
What Happened: Bitcoin experienced a 10% increase in value last week. However, Vays expressed reservations about its potential to sustain this momentum and hit the $32,000 mark.
In a YouTube video last week, he said, “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.”
Vays predicted that Bitcoin would fall to around $28,000 before taking out the top of the range at $31,000 and rallying above $34,000.
At the time of writing, Bitcoin was trading at $29,923.75, up 11 percent in the last seven days.
Turning his attention to Ethereum ETH/USD, Vays pointed out a potential double-bottom pattern forming against Bitcoin.
Also Read: Crypto Analyst Confident About Bitcoin's Surge, But There's A Catch
He predicted that Ethereum could face challenges ahead.
He stated, “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.”
At present, the ETH stands at 0.0543 BTC, equivalent to $1,608.
Speaking of Litecoin LTC/USD, Vays anticipated a continued decline in its value relative to Bitcoin. Drawing from historical data post-LTC halving events, he said, "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%.”
At the time of writing, LTC was trading at $64.16.
Now Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'
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