Seasoned trader and analyst Tone Vays is predicting a strong Bitcoin (BTC) breakout as he says the current price action is just noise.
In a new strategy session, Vays tells his 118,000 YouTube subscribers that Bitcoin has been bullish ever since BTC recovered from the pandemic-induced crash in March 2020.
“This is just a speed bump in the bull market.
We had a 50% speed bump right there (May 2021)… And now, we just had about a 38% speed bump.
I don’t know if the low is in. It’s probably in. The low is probably in.”
According to Vays, Bitcoin is trading within a large ascending triangle in the monthly chart. The technical formation is a bullish pattern, suggesting the continuation of an uptrend once an asset breaks the resistance.
“I can’t wait for this to break out.
And the later it breaks out, the more violent it’s going to be to the upside. [Bitcoin] looks great.
The monthly chart looks absolutely fantastic.”
Based on Vays’ chart, BTC must take out resistance around $60,000 to ignite a massive rally above $100,000.
In the short term, Vays says Bitcoin must get above a key level to convince him that the low is definitely in.
“We pulled back a little bit off the moving average in this four-day candle. But the next four-day candle can easily break the next moving average and that means the candle after, you’re going to have a moving average crossover.
So if the next candle is showing us strength… If the next candle breaks $51,750, I would then put 20% to 33% back in the market.”
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