Bitcoin has very likely bottomed out with techniques perfectly aligned, says Trader Tone Vays – Here’s his upside target
A popular crypto analyst says Bitcoin (BTC) likely bottomed months ago and a run to the upside is now taking shape.
In a new video update, veteran crypto strategist Tone Vays tells his 123,000 YouTube subscribers that technical indicators are lining up for a potential Bitcoin explosion.
Tone Vays says that Bitcoin probably bottomed back in November 2022, when BTC reached the $15,000 price range. The experienced trader also says that the recent decline in the $19,000 price range was a secondary retracement, a brief trend reversal caused by bearish activity.
However, he notes that the king crypt is likely to continue to rise as the US banking system faces the threat of a major bank run amid the collapse of Silicon Valley Bank and Silvergate Bank.
“Now if you’re sitting on a lot of Bitcoin, you might be asking for a bank run to make Bitcoin go up faster. But you shouldn’t be, because Bitcoin is going to go up anyway. This is bad enough news to get people to want to buy more Bitcoin, and it’s happening in a cycle of Bitcoin where it’s very likely already bottomed out. And now this is the secondary pullback, which has been absolutely perfect. And it’s happening in its giant four-year halving cycle which looms less than a year away.”
The Bitcoin halving, scheduled for February 2024, is an event that halves BTC miners’ rewards. The event is generally seen as a bullish catalyst as fewer BTC enter circulation.
Tone Vays also predicts that Bitcoin could break out if it takes out its immediate resistance at $25,000. He also says that various indicators are signaling bullishness, including the Lucid SAR, a variant of the Parabolic SAR, which is a directional trend indicator.
“The weekly closed like a monster hammer candle, an absolute monster, of double support, Lucid SAR and a 20-week moving average. Everything just lines up perfectly. Now the weekly is still not out of the woods. We need to establish a higher high. We established a final low [$15,500]. We established a higher swing height [at about $25,000]. We tested back [$19,000]but now we must break this [$25,000]. Once we break all of this resistance, I become incredibly bullish on Bitcoin to at least this $30,000 to $35,000 range.”
Bitcoin is trading at $24,136 at the time of writing.
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