On analysis of monthly charts, Vays, who correctly predicted Bitcoin’s month-long surge pattern, said it would be “very difficult” to sustain continued growth.
“I think we’ve topped,” he said in a video update on the previous five weeks’ price performance.
— Tone Vays [#NO2X] (@ToneVays) November 6, 2017
Noting the significant growth over the past week, Vays concluded that although it mimicked a similar spurt in May, this time momentum was highly unlikely to keep up.
“The monthly is calling for a top; the weekly is still calling for four more weeks of upside,” he explained, citing the upcoming SegWit2x hard fork as the main barrier to progress.
The impending Bitcoin chain split has sparked warnings of price volatility for several months, with the industry still unable to call what the impact of the rival 2x chain will be.
In the short term meanwhile, Vays says that “no one should be surprised” about a several-day correction which is already in progress.
Prices have come off all-time highs to return to $7,200, with a “re-evaluation” later in the week, not necessarily meaning further upside or new highs.
Rival Bitcoin Cash meanwhile continues to grow, passing $600 and expanding 3.5 percent in the 24 hours to press time.