A popular crypto analyst says Bitcoin (BTC) likely bottomed months ago and a run to the upside is now taking shape.
In a new video update, veteran crypto strategist Tone Vays tells his 123,000 YouTube subscribers that technical indicators are lining up for a potential Bitcoin explosion.
Tone Vays says Bitcoin likely bottomed back in November 2022, when BTC hit the $15,000 price range. The seasoned trader also says the recent dip into the $19,000 price range was a secondary pullback, a brief trend reversal caused by bearish activity.
However, he notes the king crypto is likely to keep rising as the US banking system faces the threat of a larger bank run amid the collapse of Silicon Valley Bank and Silvergate Bank.
“Now if you’re sitting in on a lot of Bitcoin, you may be praying for a bank run to make Bitcoin go up faster. But you shouldn’t be, because Bitcoin is going to go up anyway. This is bad enough news to make people want to buy more Bitcoin, and it’s happening in a cycle of Bitcoin where it very likely has already bottomed. And now this is that secondary pullback, which has been absolutely perfect. And it’s happening in its giant four-year cycle with the halving looming less than a year away.”
The Bitcoin halving, which is slated for February 2024, is an event that slashes BTC miners’ rewards in half. The event is typically seen as a bullish catalyst as fewer BTC enter circulation.
Tone Vays also predicts that Bitcoin could erupt should it take out its immediate resistance at $25,000. He also says various indicators are signaling bullishness, including the Lucid SAR, a variation of the Parabolic SAR, which is a directional trend indicator.
“The weekly closed as a monster hammer candle, an absolute monster, off of double support, Lucid SAR and a 20-week moving average. Everything is just lining up absolutely perfectly. Now the weekly is still not out of the woods. We need to establish a higher high. We established a final low [$15,500]. We established a higher swing high [at about $25,000]. We back-tested [$19,000], but now we need to break this [$25,000]. Once we break all this resistance, I become incredibly bullish on Bitcoin to at least this $30,000 to $35,000 area.”
Bitcoin is trading for $24,136 at time of writing.
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