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.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Daniel Prudek
