Analyst Says Bitcoin Is More Likely To Surge Than Plummet

Well-known cryptocurrency analyst Tone Vays says that the chances of Bitcoin (CRYPTO: BTC) surging by over 30% from the current levels are higher than the probability of the crypto asset plunging to around $22,000. 

During a livestream on YouTube on Friday, Vays said that he is bullish on Bitcoin, despite a downturn in the present crypto market.

"I become more confident in these support areas after you know a 10%, 20% pullback. I become more confident because there's less time to go to the halving," Vays said. 

"The probability of a random swing to the upside where we go straight to $34,000 is way higher than a random crash to the downside where we're hitting $22,000," he added, while speaking to his YouTube followers.

The analyst said he would remain bullish on BTC even if Bitcoin were to undergo further corrections. 

"There's really no difference between a pullback to $25,000 versus a pullback to $20,000. In fact, the pullback to $25,000 is probably a little bit more secure because it's not going to probably happen tomorrow, [but] it'll still happen in mid-May," he said. 

Also Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024

"I'm as bullish over here at $25,000 as I was over here at $20,000 when we pulled back," Vays added. 

Last month, the analyst said he preferred a slower and steadier growth trajectory for Bitcoin. 

Vays cited the 2019 parabolic rally — during which BTC experienced a 200% surge in just four months, followed by a year-long stagnation and a sudden 70% price crash — as an example of why rapid rises can be detrimental to the cryptocurrency's stability. 

Vays had said that, if Bitcoin were to break the $35,000 resistance level on its first attempt, it could lead to similar negative consequences, as the crypto may not have had enough time to build a more substantial base capable of withstanding sell-offs.

At the time of writing, Bitcoin was trading at $26,849, down by 9 percent in the last seven days. 

Now Read: Analyst Predicts Bold Future For Bitcoin Amid Major Move From Central Banks

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