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Veteran crypto trader Tone Vays says despite Bitcoin rising very quickly with its daily and weekly charts, a pullback is imminent.
In a recent live stream during the rumored approval announcement of a Bitcoin (BTC) exchange-traded fund (ETF), Vays expects BTC to reach a high of around $62,000 by the 19th of October.
“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.”
In terms of taking profit before any potential pullback – Vays says it depends on whether Bitcoin hits certain targets, noting how it has gone up almost 50% in a matter of 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.”
Vays says with such a fast rise, there is a higher probability for a fall – predicting a pullback to around $53,000 or $54,000, remaining hopeful with his end-of-year target.
“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.”