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.
“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 Capital (@QCPCapital) 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.”
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.”