Seasoned trader Tone Vays says he remains bullish on Bitcoin (BTC) despite BTC’s sharp decline from its all-time high of $69,000.
In a new strategy session, Vays explains to his 119,000 YouTube subscribers that he’s still biased on Bitcoin in the bullish direction and that BTC has not yet entered bear territory.
[adinserter block="1"]“I believe in higher highs and higher lows, especially in a consolidating environment. So for me to admit that there’s a bear market, I need to break this low [$28,805].”
Vays also names several key reasons why he believes Bitcoin is still in a bullish environment from a fundamental perspective.
“When we go up exponentially, it’s easier to call the start of a bear market. When you don’t go up exponentially, and this looks exponentially in absolute terms [BTC rally from $3,700 to $64,000], but not in percentage terms. And also not based on what was happening in the general environment.
MicroStrategy is getting in. Tesla’s getting in. El Salvador accepting it as a reserve currency. These were very bullish macro signs.”
The veteran trader also says that Bitcoin’s market structure in the higher timeframe remains bullish and that he expects BTC to eventually take out its all-time high.
“It did not give me the impression that this was the start of a bear market, and it wasn’t because we made a new high. And it’s so rare.
I will always make the bet that the breach of the prior swing high will take us all the way back up here [$100,000]. I will always make this bet.”
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Featured Image: Shutterstock/Tithi Luadthong
