Well-known cryptocurrency analyst Tone Vays says that the price of Bitcoin (CRYPTO: BTC) will trend upwards as long as the support level at $28,000 is not breached.

What Happened: In a YouTube video posted last week, Vays said that the price of Bitcoin could appreciate by around 17% from the current level, but should rise and stay above $30,000 for a couple of days.

"I am still bullish in the market. I still think that as long as $28,000 holds, we are going to go higher. We will wait for some confirmation, which needs to come after a sustained close above $30,000, which means spending several days, if not an entire week, above $30,000. And then I will have lots and lots of confidence that we are ready to go up to $34,000," Vays said.

However, Vays said that the risk of BTC witnessing further corrections will likely rise if Bitcoin plunges below the support level around $28,500.

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

In the video, Vays showed a Bitcoin graph and said, "If we fall below the diagonal trend line, we will be dangerously close to the swing low, which is the secondary swing low, $28,500. And I would have to assume that if we break below this trend line sometime in the next few days."

"If we break this trend line in the next week, I'm going to assume that we will fall to the secondary low. And once we touch the secondary low, I will then assume that there is a high probability that low is going to be broken," he added.

Earlier in May, Vays predicted that the chances of BTC surging by over 30% from the current levels would be higher than the probability of the crypto asset plunging to around $22,000. He mentioned that the likelihood of a random swing to the upside, where it would go straight to $34,000, is much higher than an unexpected crash to the downside, where it would hit $22,000.

At the time of writing, BTC was trading at $29,028.09, down by two percent in the last seven days.

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

Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock