Veteran trader and analyst Tone Vays is expressing bullish sentiment on Bitcoin (BTC) if the flagship crypto asset rallies above a two-year high and maintains the momentum.
Vays tells his 123,000 YouTube subscribers that if Bitcoin crosses above the price of $48,222, it will mark a two-year high.
According to the seasoned trader and analyst, breaking above the two-year high would open the possibility for Bitcoin to revisit levels close to the all-time high price of $69,000.
“The only other high to deal with [after going above $50,000] is going to be the $65,000 closing all-time high.
I think if Bitcoin starts to establish itself above $50,000, FOMO (fear of missing out) is going to break loose. Like the ultimate FOMO is going to break loose, everyone is going to be rushing in.”
According to Vays, a significant correction might not materialize for Bitcoin going forward as exemplified by what happened before and after BTC’s third halving.
“Bitcoin price going down below $35,000… would be great to go all the way down to $30,000 for a proper pullback. But as we’ve seen in prior bull markets, we don’t tend to get that…
[In 2019/2020] once we broke above the prior double highs… We had a double top at about $14,000, $15,000 right here in the summer [June] of 2019. And then one more time in August, the summer of 2020 – one year apart, we had these two double tops.
And then we broke the double top and then the only thing that was potentially standing in Bitcoin’s way was the [then] all-time high of $19,000. And you can see how [Bitcoin] just broke right above it and kept going and going and going and going. So, there we can have that happen again.”
Double tops are patterns formed when the price of an asset makes two consecutive peaks at a resistance level.
Bitcoin is trading at $42,783 at time of writing.
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