Veteran trader Tone Vays says he’s identified a catalyst that will finally push the largest crypto asset by market cap to the six-figure price range.
In a new YouTube session, Vays tells his 118,000 subscribers that BTC has risen to a new level of “critical resistance” that it must break through to reach $100,000.
“The part to really capture is going to be this monster breakout [from approximately $69,000 to $100,000]. We don’t really know what the price of Bitcoin is going to do, but we are taking our best statistical shot…
Some people are going to get very, very upset that Bitcoin isn’t breaking out of this triangle quick enough for them.
And that would be the fuel that drives Bitcoin all the way to $100,000.”
The trader says that previously, he was looking at Bitcoin’s 200-week moving average chart in case of a “catastrophic break,” but now thinks BTC is in the clear.
“During the last couple of candles, I had removed the short-term moving average and replaced them with a long-term moving average in case there was a catastrophic break.
The catastrophic break didn’t come.”
When asked what a further correction down to $48,000 would mean for Bitcoin’s future, Vays says,
“If we get hammered back into $48,000, we can then go from $48,000 up to $62,000, then $62,000 to $55,000, and then break out.
But if we go straight to $62,000 now, we can then spend our good time coming back to $52,000.
It doesn’t actually change [Bitcoin’s triangle breakout].
Whether we get rejected now and go to $48,000 or get rejected later at $62,000 and go down to $52,000, that doesn’t matter.
This does not alter the triangle breakout whatsoever.”
Bitcoin is currently trading $51,824, up 3% on the day.
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