A crypto trader who correctly called the collapse of Bitcoin in 2018 is predicting a decent surge for BTC to the end the year.
In a new strategy session, Tone Vays tells his 123,000 YouTube subscribers that Bitcoin is trading within a narrow horizontal channel after rallying from its current bear market low around $15,700.
“The fact that this horizontal channel is taking place after a 10% upswing, there is a higher than 50% probability that the next breakout will be to the upside, at least the size of the channel, which is small, potentially the size of the prior bounce, which is 10% more.”
While the seasoned trader is expecting bullish continuation in the short term for Bitcoin, he says the rally will likely push Bitcoin to a major resistance level, which could trigger the next sell-off event.
“That gets us to the underside of the prior channel, which is major and monster resistance, especially if it comes in contact with the 128-day moving average. So I am looking for this bounce to probably continue to year end, and then everyone is going to be super bullish in the beginning of the year, and then there is a high probability of one more capitulation down.”
Vays previously said that there’s a decent chance of one more capitulation to the sub-$15,000 level.
“The main reason why I believe that is because we spent way too much time at the lows of $16,000.
The way markets bottom usually is you only get a few hours to buy the perfect low. You don’t get a week to think about buying the perfect low.”
At time of writing, Bitcoin is changing hands for $16,954, down over 1% on the day.
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