Veteran crypto trader Tone Vays says that Bitcoin’s daily chart currently looks very healthy as the king crypto threatens to take out the $50,000 level.
In a new strategy session, Vays says that while BTC is currently respecting its immediate resistance just below $50,000, he believes Bitcoin will break through it soon.
“The daily chart is looking beautiful. We’re pretty much sitting at this double top, and I don’t think it’s going to last much longer. I do think that we’ll close this week above 48,000, possibly even as high as $49,000. I do think we are going higher. This candle alone changed a lot. This candle broke both moving averages violently… The volume was great… People were very surprised and got caught not being very bullish on this move.”
Vays says that he has his eye on the 200-day moving average (MA) and the 128-day MA. A crossing of the 128-day MA above the 200-day MA is seen by many traders as a long-term bullish signal. Vays notes that the cross can happen sometime this month.
“For the next two months, this moving average (200-day) will probably still be declining unless we get this thing above $55,000…
Probably the crossover will take place sooner than later because the 128-day MA is going to start moving up fairly quickly as we break above $50,000 while the 200-day MA is going to be declining a little bit. So we are looking at a crossover sometime in mid-October, which would be great.”
Vays’ prediction of a bullish Bitcoin setup in October falls in line with his previous calls for BTC to break the $100,000 milestone in December.
“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.”
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/wacomka