Veteran crypto trader Tone Vays predicts that Bitcoin’s (BTC) latest rally will end before reaching a key level.
In a new strategy session, Vays tells According to his 122,000 YouTube subscribers, despite BTC’s 10% rise this week, he doesn’t believe the king crypto will reach the $32,000 level.
“Let’s not go crazy here. I still think there will be a pullback sometime in November. I don’t think it will go up to $32,000.”
Looking at the trader’s chart, Vays seems to predict that Bitcoin will fall to around $28,000 before leaving the top of the range at $31,000 and rising above $34,000.
Bitcoin is trading at $29,573 at the time of writing.
The trader then warns that Ethereum (ETH) is forming a double bottom pattern against Bitcoin (ETH/BTC). While the double bottom pattern is typically viewed as a bullish formation, Vays believes the pattern’s support will not hold for ETH/BTC, setting the pair up for more downside price action.
“Ethereum makes new lows versus Bitcoin. This is not surprising. Ethereum is in a very critical support area…
On a monthly scale, Ethereum still has significantly more disadvantages. This is a very annoying double meaning. This is very bad for Ethereum. This causes Ethereum to go significantly lower.”
ETH/BTC is trading at 0.0543 BTC ($1,608) at the time of writing.
Finally, the trader predicts that peer-to-peer payment network Litecoin (LTC) will continue its decline against Bitcoin (LTC/BTC) based on historical price patterns after the LTC halving.
“Litecoin is on its way to 80% destruction. I have made this clear many times. Every time Litecoin halves, the price of Litecoin drops by 80%. This happened after the Litecoin halving in 2015, after the Litecoin halving in 2019, and [likely] after the halving of Litecoin in 2023…
We are down 30%. We have to go 80%.”
Looking at his chart, the trader seems to believe that Litecoin will fall to 0.000570 BTC ($16.83) compared to Bitcoin.
LTC/BTC is trading at 0.00214 BTC ($63.64) at the time of writing.
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Featured image: Shutterstock/Vadim Sadovski/Chuenmanuse
