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Veteran analyst Tone Vays says an epic Bitcoin (BTC) rally is in store if the king of crypto can overcome key areas of resistance.
In a new episode of Trading Bitcoin, Vays says the TD Sequential indicator, which traces a series of price points to identify potential breakouts, suggests the Bitcoin price may break out to $9,000 in the short term.
But despite the bullish indicator, Vays says he’s not betting on this coming to fruition due to a strong line of resistance at $8,000. (Which FYI we just hulk smashed this morning)
“Can we make it to [$9,000]? Anything is possible… The biggest reason why that’s a little too optimistic is this behemoth of triple resistance of the 128-day moving average, the 200-day moving average and a fibonacci 62% line [at $8,000]. That is a monster.”
If Bitcoin can make it to $9,000, Vays says the last line of resistance is a descending triangle that currently stands at $9,500. If that happens,
Vays says the highly discussed stock-to-flow model from the anonymous analyst PlanB – which forecasts that BTC will hit anywhere from $100,000 to $288,000 by 2024 – will suddenly be on the table.
Vays also points to John McAfee’s infamous bet that BTC will hit $500,000 this year.
“The moment we break above this red line [at $9,000] PlanB is going to be right. And PlanB has some very optimistic targets.
In other trending Bitcoin News today:
Crypto Strategist Nicholas Merten Says Bitcoin (BTC) Ready to Pop As Halving Approaches
Merten expects Bitcoin to maintain its bullish momentum and trend toward $9,000, as BTC continues to form a giant wedge that dates back to the second half of 2017.
But the strategist points out that Bitcoin’s signature volatility is going nowhere.
“It’s likely that as we go into the halving event, sure we are going to see an increase in volatility. It’s an important point to keep in mind. We are going to definitely see a lot of jitter, but I think we’re going to continue this trend up here, and it’s going to pick up momentum as we go into the halving event to where we’re going to probably be up into around the $9,000 range, if not the upper $8,000 range.”
After the halving, Merten believes Bitcoin will give up some of its gains in the short term, but continue to maintain its bullish steam in the bigger picture.
Although he’s careful to point out that anything can happen in the current global economic climate and that BTC has proved many traders wrong in the past, Merten says Bitcoin’s historical logarithmic growth curves, significant lows and significant resistance suggest BTC is gearing up for a new cycle to around $100,000.
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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://cointelegraph.com/news/bitcoin-hits-8k-erasing-coronavirus-crash-13-days-till-halving