Bitcoin Is Ready For Masssive Breakout, Tone Vays Says
As it’s been already reported, Bitcoin’s price exploded, and the king coin was able to hit $12k all over again.
At the moment of writing this article, BTC is trading in the green, and the digital asset is priced at $12,190.07.
Tone Vays said that Bitcoin is on the verge of a breakout
Wall Street veteran and crypto strategist Tone Vays said that Bitcoin is likely on the verge of a breakout as the king coin flashed some bullish signals on multiple timeframes.
He said that BTC is poised to break resistance as $12k, which has already happened, and this is the thing that marks a historic milestone on the weekly chart.
“If you get a new weekly high close right around $12,000, this is a very bullish sign. That means we have the highest close in three years… That would be the highest close since January 8, 2018…” he was writing recently.
He also said that “It also means that on a weekly scale, there have only been one, two, three, four, five, six weeks that would have closed higher in the history of Bitcoin. That is incredible. This is absolutely incredible.”
Vays also highlighted that based on the daily timeframe, Bitcoin looks ready to move higher.
BTC parabolic rally is imminent
It’s been just revealed that some crypto traders are expressing their bullish sentiments on Bitcoin after BTC rallied amidst an S&P 500 (SPX) sell-off the other day.
This indicated the fact that BTC’s correlation with traditional markets may be coming to an end.
— Credible Crypto (@CredibleCrypto) October 19, 2020
There are all kinds of optimistic predictions about the price of BTC these days, and crypto traders are excited.
I think we start to go parabolic soon pic.twitter.com/K5skaCcWjh
— The Crypto Dog📈 (@TheCryptoDog) October 19, 2020
Stay tuned for more news about BTC’s price.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.