Veteran crypto trader Tone Vays says Bitcoin (BTC) should finish its recent correction relatively soon before going on a sharp rally to six figures.
In a new strategy session, Vays says BTC’s recent price action looks reminiscent of July, when the flagship crypto fell to a yearly low under $29,000 before rallying aggressively to $52,000 in less than six weeks.
“We’re in a very similar environment to what happened back in July. It’s crazy how we’re already in the middle of September. A lot of time has passed and this to me looks incredibly similar… I would like to see a spike down tomorrow or the next day, taking us into that $43,000 range with a big follow through to the upside then after.”
According to Vays, Bitcoin is likely to briefly drop lower and present traders with a chance to buy BTC near the $40,000 level.
“I just think there will be one more low coming in… It’s very likely this support will break. I don’t like the fact how many times we’ve bounced off of this support. I do think this is a bit of a short-term support. One more swing low and a chance to pick up Bitcoin mid-this week in the low $40,000 range.”
Assuming Bitcoin bounces from the $40,000 support range, Vays then lays out a path to $100,000 BTC before the start of 2022.
“A $40,000 low coming in either next week or it could get dragged out… into early October, and then we break this area of $50,000 in mid- to late October. We break $65,000 by early November, and then we’re probably hovering above $100,000 by end of December. So I’m still holding to my view that we break $100,000 in December.”
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