Crypto trader and technical analyst Tone Vays says he’s bullish on Bitcoin as the halving approaches.
On a new episode of Trading Bitcoin, Vays says Bitcoin’s current price action may be similar to what happened back in August of 2015, when BTC dropped to $207 before beginning a long-term rally that peaked years later, with the leading cryptocurrency reaching its all-time high of around $20,000.
Vays says he was surprised by Thursday’s rally, which brought BTC from $6,214 to a high of $7,040. At this point, Vays says over the next two months the key is to track whether the price of Bitcoin can move above its 200-day moving average, which is currently at about $8,000.
“Let’s see what happens in about two months. And guess what else is going to happen in those two months? The halving. We just have to get over this 200-day moving average.
So, I remain pretty bullish on Bitcoin here… I would not have expected [Thursday’s] bounce. I really would have thought that we had more downside here and then bounce somewhere from that $6,000 area. But we bounced a little earlier, which is good.”
Meanwhile, veteran technical trader Peter Brandt says he sees the potential for more upside on the horizon.
Brandt says BTC is likely in an ascending triangle that could bring the leading cryptocurrency to $8,400 in the short term.
Just a matter of perspective, but best classical chart labeling likely an ascending triangle with target at 8400 pic.twitter.com/SKTrkRfj6h
— Peter Brandt (@PeterLBrandt) April 2, 2020
A prominent trader who predicted Bitcoin’s recent drop below $6,000 agrees that BTC may soon break above the $8,000 mark.
But the analyst, who goes by the name PentarhUdi, also believes the global economic turmoil will likely hit the price of Bitcoin hard, once again bringing BTC below $3,000.
“Amid of global financial panic Bitcoin price aggressively attacks Weekly SMA200 and bottom triangle line of previous chart. I see this might not end as well as i thought. As bearish potential of global markets is huge…
I got a bearish target between $1,800 and $2,500. In this case weekly 200 SMA will be broken and become resistance. Many times and affords will require to break it up and make it support.”
At time of publishing, Bitcoin is up 2.74% at $6,791, according to CoinMarketCap.
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