Veteran Trader Tone Vays Says He Does Not Want a Repeat of Bitcoin’s 2019 Parabolic Rally – Here’s Why

A seasoned crypto trader says that an encore of Bitcoin’s (BTC) parabolic rally in 2019 would not be ideal for the future price action of the king crypto.

In a new video update, veteran trader Tone Vays tells his 123,000 subscribers that he doesn’t want to see BTC break the $35,000 level on its first attempt as it may lead to problems.

Vays says that in 2019, BTC grew a staggering 200% in four months after bottoming out, and then proceeded to stagnate for over a year, which included a sudden 70% decrease in price.

The trader says the speed of BTC’s growth at the time later caused the 70% correction as Bitcoin failed to build stronger bases that could absorb sell-offs.

Instead, he says that slow and steady growth would be better.

“If we rally all the way to say $50,000, we can easily crash back down to $25,000 or $30,000. But if we slowly go up to $50,000, I think the chances of going back to $30,000 are going to be super low.

So in a perfect world, we slow our roll right now, go up a little bit [this] week, maybe touch $30,000, pull back down to $25,000 and then break $30,000, head to $35,000, go back from $35,000 down to $30,000, then break $35,000 [again].”

Vays says that if Bitcoin were to break the $35,000 level in the coming months, he envisions the leading digital asset by market cap rallying all the way back up to somewhere between $50,000 and $60,000.

“If you break $35,000 sometime this summer, then sure we can go up to $50,000 or $60,000 and then only pull back to about $30,000 or $40,000. And we can avoid the $20,000s ever again.”

Bitcoin is trading for $27,633 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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