en.coin-turk.com
Experienced cryptocurrency analyst and trader Tone Vays issued a warning, stating that Bitcoin‘s recent rally may end before reaching a crucial level, urging investors to be cautious of FOMO (fear of missing out). The analyst also issued warnings for the altcoin king Ethereum ($ETH) and the popular altcoin Litecoin ($LTC).
Critical FOMO Warning for Bitcoin Investors
Vays, during his recent strategy session, expressed that despite Bitcoin’s rise of over 10% this week, he does not expect the largest cryptocurrency to reach $32,000. The analyst stated, “At this point, we need to remain calm. I still expect the price to drop in November. I don’t expect Bitcoin to reach $32,000.”
Looking at the Bitcoin chart shared by the analyst, it can be seen that he predicts the largest cryptocurrency to drop to around $28,000 without surpassing the $31,000 threshold, which is the peak of the range in which $BTC is currently moving. As of the time of writing, $BTC is trading at $29,987 with a 1.23% increase in the last 24 hours.
Analyst’s Warnings for Ethereum and Litecoin
After Bitcoin, Vays first looked at Ethereum and noted that the altcoin king has formed a double bottom pattern against Bitcoin ($ETH/$BTC), but he does not expect this pattern to result in an uptrend. Although the double bottom pattern is typically seen as a bullish formation, the analyst does not expect it to serve as support for $ETH/$BTC and believes that the trading pair will move downwards.
Lastly, Vays evaluated the peer-to-peer payment network Litecoin and mentioned that historical data shows a downward trend for $LTC against Bitcoin ($LTC/$BTC) following the block reward halving. He stated that he expects a decline in the $LTC/$BTC trading pair.
According to the analyst, the $LTC/$BTC trading pair is on the verge of a major collapse, which would result in an 80% drop in the price of the popular altcoin. Vays supported his collapse expectation by citing the 80% drop that occurred after the block reward halvings in 2015 and 2019.