A seasoned crypto trader says he can nearly guarantee the beginning of a new bull market if Bitcoin (BTC) hits certain price targets.
In a new strategy session, Tone Vays describes to his 123,000 YouTube subscribers a scenario showing how Bitcoin bulls could effectively end the year-long bear market.
According to Vays, BTC bulls must push the price of the king crypto to its swing high in November to have a very good chance of igniting a fresh bull market.
“I want to see a move to just under $23,000. If we get rejected, we need to hold $19,000 on the rejection, and then we need to come back and start to challenge $23,000. That tells me with about 95% to 98% certainty the bull market has begun. Until we get that situation, I don’t have a 95% certainty that the bull market has begun.”
The crypto trader who accurately called BTC’s collapse in 2018 is also open to the idea that Bitcoin could witness another sell-off event. However, he highlights that BTC will likely immediately start a new bull rally after traders capitulate.
“Another scenario is if we crash down to $11,000 or lower. I believe the bull market will begin immediately after that because I just don’t believe Bitcoin can go any lower. So those are my two ultimate scenarios.”
In either scenario, Vays expects Bitcoin to hit the $23,000 price level later this year or in early 2023.
At time of writing, Bitcoin is trading at $16,651, a fractional increase on the day.
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Featured Image: Shutterstock/Philipp Tur