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Veteran crypto strategist Tone Vays says the big Bitcoin breakout has more gas left in the tank.
In a new video, Vays explains why he believes the bullish rally that pushed BTC above resistance of $12,000 is not yet over.
“That is exactly what I’m kind of foreshadowing going into the future. We still have this triangle right here and we can still pull back into this triangle, but I do think that right now, there is still enough FOMO (fear of missing out) to get us higher into that high $13,000 range.”
As Bitcoin draws near its next resistance level at $14,000, the crypto analyst predicts that market participants will start to take profits.
“That breather could be horizontal consolidation or that breather could be a pullback all the way back down to $12,000 or even as low as $11,500.”
Although Vays sees a correction on the horizon, he is long-term bullish on the world’s most dominant cryptocurrency.
“[The] monthly view is going to be great. We’re going to close as the second-highest month ever and we got a shot at closing at the highest month ever if we can close at $14,000. That would be the highest monthly close ever, which would also be absolutely great.”
Vays also highlights his current personal sentiments on BTC.
“I’m pretty damn bullish right now. I don’t know if that’s stupid or not but I’m pretty damn bullish. I haven’t been this bullish since early 2017.”
As for his long-term BTC forecast, the veteran trader believes that Bitcoin is poised to ignite a massive rally within the next six months.
“Let’s be reasonable here. Let’s say we have a 300% move. That takes us to $50,000.”
However, Vays believes Bitcoin will suffer a massive devaluation after going as high as $50,000 before recovering and climbing above $100,000.
“I can see a 50% crash, which would take us to about $20,000 to $25,000. Let’s say we go back to $20,000 – the prior swing high… And then from there, I could see, this would be fast, I could see a slow grind back up to $50,000.
From this $50,000 area or let’s from that $40,000 area, we go up another 300% to 400%. This is something that’s realistic to me. That takes us to say $150,000 from there. How long would that take? Before the next halving.”
In other trending Bitcoin News today:
Nautilus Research: Bitcoin (BTC) Pattern Echoes Early Days of Prior Exponential Rallies
Bitcoin (BTC) is displaying patterns that have historically occurred before massive breakouts, potentially indicating the start of the next exponential bull run, says research agency Nautilus Research.
In a Twitter post, Nautilus Research suggests that Bitcoin is currently forming a pattern that has preceded the bull runs of 2012 and 2017.
“Bitcoin echoes of patterns ahead of previous major breakouts.”
According to the independent research boutique’s chart, Bitcoin has historically corrected at least 80% from boom cycle highs and then consolidated for over a year before launching the ensuing bull market.
If history is any indicator, Bitcoin may soon ignite a parabolic rally that could send the most dominant cryptocurrency well above $100,000.
“Investors piled into Bitcoin this week and this rally spilled over to other crypto assets. At the same time, investors are sticking to high-quality names primarily, as we’re seeing the most strength coming out of the large caps.
Bitcoin is the go-to asset for traditional investors looking to diversify their holdings into cryptocurrency. As such, any time we see Bitcoin take the lead, we can be certain that new money is entering the space. This is a prerequisite for any sustainable crypto bull run.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://dailyhodl.com/2020/10/26/crypto-analyst-tone-vays-says-bitcoin-btc-breakout-not-over-yet-predicts-timeline-for-300-rally/
https://cointelegraph.com/news/highest-weekly-close-since-early-2018-5-bitcoin-price-tips-this-week
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