Veteran analyst Tone Vays believes Bitcoin (BTC) is gearing up for a major breakout in the next few weeks.
In a new price action update, Vays tells his 114,000 YouTube subscribers that he thinks the next short-term target for BTC is $52,000. If and when the top cryptocurrency reaches that level, he expects fireworks.
“I continue to believe that once we break the $52,000 high, we will go up very quickly to the $65,000 high. We will then probably have a little bit of a pullback to the low $50,000 range, and then have a monster breakout that accelerates like gasoline on a fire the moment we go above $65,000.”
Vays notes that Bitcoin recently had a “golden cross,” which is when a short-term moving average crosses above a long-term moving average. The technical pattern is often viewed as an indication that a breakout may be on the horizon.
“We did get the golden cross. And I believe that in the next week or so, we’ll be back above all the moving averages and approaching new swing highs, and then new all-time highs.”
As for key levels to watch, Vays is paying attention to $41,000 as a crucial support level to hold.
“I believe there is a greater than 50% probability that this low [$40,238] will hold, and also this low [$41,677]. I believe that we are about to trend up, and I know I am wrong if the price of Bitcoin goes below [$41,000]…
As long as Bitcoin stays above $41,000 tonight, and especially if Bitcoin can rally above the swing high at $43,500, I remain very, very bullish.”
At the time of writing, Bitcoin is trading at $43,188 according to CoinGecko.
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Featured Image: Shutterstock/Tithi Luadthong
