Veteran crypto strategist Tone Vays says Bitcoin may be en route to printing a new all-time high, after its sudden rise above $11,000. But first, it must flash one more bullish technical signal.
The analyst says Bitcoin’s rising market dominance suggests the crypto king is poised to launch a sustained uptrend, which is different from the parabolic rally that ended quickly in 2019.
“So as long as this trend continues, I will be very bullish on Bitcoin. I think Bitcoin will have a pullback back to $10,000. After that, it can take off to a new all-time high quickly, just like gold. I’m still bullish on Bitcoin very much. I’m not touching my HODL position.
I was selling my HODL position in 2019 to pre-pay bills because I did not trust that rally to $14,000. I trust this rally to go way higher. I’m way more bullish now than I was in early 2019.”
In order for Bitcoin bulls to dominate the market, Vays says must hold above a crucial line at $10,000.
“I need a full candle above the trend line. This is a start. It looks like this candle will begin and end above the trend line. That is step number one to a sustained trend line break.
We broke the trend line. Can we sustain it? This is a very good start because this candle would have to fall a lot to get back below the trend line.
We don’t have to stay above it for many weeks. If this candle, closes above $10,000 on a weekly scale, that’s enough for me.”
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