A closely watched trader says he will become one of Bitcoin’s (BTC) biggest bulls if the crypto king manages to stay above a key resistance level.
In a new strategy session, veteran trader Tone Vays tells his 122,000 YouTube subscribers that Bitcoin is trading in a very tight range, but he sees a path for BTC to break out and rally to $48,000.
“In a perfect world, we would start to gather here quickly, go back to the top of the range ($44,000) and then fall back to the bottom of the $40,000 range, scare some people, touch the line [128-day] Moving Average [at $40,000]…and then collect again from there.
Or just continue consolidating and let the [128-day] moving average to catch up.”
According to Vays, he will become “super bullish” on Bitcoin once BTC starts to close above $43,500, as this would suggest the crypto king is preparing to break out of its range.
In late December, Vays said Bitcoin was likely to gain strong bullish momentum if it rose above $50,000. According to the analyst, sidelined traders at that point would likely go after BTC, ultimately leading to more rallies.
“The only other high you have to deal with [after going above $50,000] becomes an all-time high at $65,000.
I think if Bitcoin starts to settle above $50,000, the FOMO (fear of missing out) will break out. As if the ultimate FOMO hits, everyone will rush in.”
At the time of writing, Bitcoin is trading at $42,809.
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