Veteran crypto trader Tone Vays says one key price level will act as the breakout line for Bitcoin’s next price spike.
In a new strategy session, Vays says he originally expected Bitcoin (BTC) to pull back even further to about $54,000, but that may not end up happening.
The trader tells his 115,000 YouTube subscribers he likes the fact that Bitcoin’s 128-day moving average is close to crossing above its 200-day moving average, which could suggest more bullish price action in the medium to long term.
Vays says that one more green daily close would put BTC very near $64,000, which is what he calls the “breakout line” for the king crypto. He thinks the resistance around $66,000 is not strong enough to hold off another rise.
“That would get us very close to this line, and I’m using this line as the breakout line… If we can get above this line, I see very little probability that this top will hold, and once we get above this $64,000 line on a sustained basis or an end-of-close or a 24-hour average basis, I’m going to anticipate this top to fall in short order and up and up and up and up we go. So the daily chart, while neutral, is certainly leaning bullish.”
Back in September, Vays accurately predicted that Bitcoin would take out its all-time highs in mid-October. The next part of his prediction sees BTC then grinding its way up to the six-figure mark in late December.
“Just like before, in early October or mid-October, I expect us to start challenging the prior all-time highs and then a huge run-up at the end of the year.
Like mid-October into late December, I’m expecting us to go from that $65,000 all the way to $100,000. That is still my target.”
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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: Pixabay/Norm_Bosworth