Prominent trader and cryptocurrency expert, Tone Vays, has expressed his reservations about a potential repeat of bitcoin’s parabolic growth seen in 2019.
He cited how the rapid rise in BTC’s rate resulted in a year-long consolidation and a drastic 70% drop in value.
Instead, Vays advocates for a slower, yet sustained, increase in bitcoin’s capitalization to prevent such volatile fluctuations.
Vays warned that a sharp rise to $50,000 would likely result in a quick fall to $25,000 or $30,000. In contrast, a more gradual and steady growth would make it unlikely for BTC to drop from $50,000 to $30,000.
He suggests a scenario where bitcoin rises to $30,000, rolls back to $25,000, then breaks through to $35,000, and returns to $30,000 again, before continuing to grow.
Charles Edwards, CEO of investment firm Capriole, holds a more optimistic view, saying that bitcoin is poised for a “perfect $100,000 push, just like in the textbooks.”
However, he also acknowledges the importance of avoiding another fall to $20,000, which a slow and stable growth trajectory could help to prevent.