Veteran Trader Predicts Correction For Bitcoin Due to Rapid Price Rise

According to Tone Vays, a crypto market analyst and trader, he sees a correction looming for Bitcoin due to the current rapid price appreciation.

Tone Vays shared his thoughts in a recent YouTube video as the crypto world awaits for the official announcement of launch of a Bitcoin (BTC) exchange-traded fund (ETF). The trader predicted that BTC would reach a high of around $62,000 by the 19th of October. At the time of writing BTC is trading at $62,101.

“We are right on track for what I anticipated in the daily outlook where we top out at approximately $62,000 a the end of this week or early next week. October 19th is where I was looking for that top. So we got about three or four days to go. Especially if we keep going up and up and up.”

Should traders take profits if the correction is coming? According to the trader it depends on whether BTC will reach certain targets, highlighting that leading crypto asset it has gone up almost 50% in just few weeks.

“It probably is a decent time to take your profit for a pullback because it would have gone up way too far way too quickly. Three weeks ago the price was half of what it is today… we are rising fairly quickly and there will be a pullback… but right now the weekly chart is fully bullish and you still have room.”

According to the analyst the faster the rise, the higher the probability of a fall. He predicts a pullback to around $53,000 or $54,000, while remains optimistic that BTC could reach to 6-digits by end of 2021.

“Bitcoin is looking great I’m still thinking mid-60s for a double top with April, a pullback to maybe mid-50s, and then I still got a shot at being right about that $100,000 at the end of the year. I’m still optimistic.”