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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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.
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