Top crypto analysts are plotting the trajectory of Bitcoin after a BTC breakout that’s one for the books.
In a new video, veteran Wall Street trader Tone Vays says the momentum reversal indicator (MRI), a key indicator that predicts the end of a trend based on price momentum, is starting to flash sell signals.
[adinserter block="1"]“So Thursday, there will probably be an MRI top and that would be interesting because Thursday we will probably have a daily MRI top inside a weekly MRI warning. Now there’s still room to make it to a double MRI top and I will keep an eye on that, but Thursday might get me out. If we continue rising into $18,000 into Thursday, Friday, that becomes a great exit for me.”
The trader’s short-term bearish stance comes after Bitcoin prints a historic breakout.
Singapore-based trading firm QCP Capital highlights BTC’s “longest and most stable” rally in its history after a move of over 73% in just 73 days.
This BTC move is becoming the trendiest (longest & most stable) rally in BTC's history – 73 days and +73% now with only two 10% retracements along the way. Full market analysis here. https://t.co/xT8bhoc0tc
— QCP (@QCPgroup) November 17, 2020
Trader Michaël van de Poppe is also bearish on BTC, as he predicts Bitcoin will ignite a series of corrective moves.
“Seems a very likely case:
BTC correcting 15-20% in a little bit, which puts altcoins down. A few weeks of sideways of Bitcoin, which makes altcoins rally by a significant portion as ‘relief.’ Another final drop on BTC.”
[adinserter block="1"]While Vays is bearish on BTC in the short term, he describes a bullish scenario wherein BTC ascends to its all-time high of $20,000 by next year, but does not meet its top until 2022.
“If we go to $20,000 and then get stuck between $20,000 and say $17,000 for the next six months, there ain’t no top in October 2021. We’re probably breaking out in October 2021… If we consolidate for the next nine months between $20,000 and $25,000, there ain’t no top in October 2021. We’re going to break out and go way higher probably into October 2022.”
