Wall Street veteran and crypto strategist Tone Vays says he expects Bitcoin to end 2020 with a bang.
In a new strategy session, Vays tells his 96,000 subscribers that he believes Bitcoin will maintain its uptrend as technical indicators flash bullish signals.
Vays relies on the relative strength index (RSI), moving average convergence/divergence (MACD), and the Chaikin Money Flow (CMF), which are technical indicators that reveal the strength of an asset’s trend and momentum.
“The RSI on the daily chart is back in the overbought territory, which tells you to just stay with your bullish trade for now. The MACD is at a beautiful area right there and it is also telling you to just stay with the bullish trade. You don’t know when it’s going to turn. And the CMF is also fully, fully bullish. So there’s not much here to scare you.”
With momentum on the side of the bulls, Vays expects the leading cryptocurrency to break out of consolidation and explode to a new all-time high.
“We’re looking at the daily chart. I drew this mini triangle situation going on. We got the green star. I believe this green star will hold going to end of day and this sets us up nicely for one more bounce.
There’s two ways to look at the size of the bounce. One way to look at it is to take the move that we had, like an average move, from the breakout area which was a $4,000 move and we extend it forward from consolidation. That would be another $4,000 move, taking us to just above $28,000.”
But not all traders are expecting Bitcoin to break out just yet. Crypto strategist Smart Contracter, who’s known in the industry for pinpointing the BTC 2018 bear market bottom, says he expects the leading cryptocurrency to continue its sideways consolidation before blasting off to a new all-time high at the start of 2021.
“BTC finding resistance on 4h right back up at the ATH range highs. [Bitcoin] could end up forming a larger re accumulation range here.”
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
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/GrandeDuc