There are all kinds of predictions about the price of Bitcoin these days, and the latest ones are bullish again. Check out what Tone Vays recently had to say.
New Bitcoin price prediction is out
Veteran trader Tone Vays explained recently that a number of key technical metrics are flipping bullish for Bitcoin (BTC) after enduring a bearish backdrop for most of the year.
In a new strategy session, Vays said that Bitcoin is holding strong as the weekly chart flash multiple bullish signals.
“We still have a higher closing high on weekly candles. We still have a higher swing high on weekly candles. These are both bullish signs. We have a green star candle. We have a bullish count on the MRI [momentum reversal indicator], and we are above the 200-week moving average. These are all bullish signs.”
He continued and said this:
“The MACD [moving average convergence divergence] is about to cross over. That’s a bullish sign. We’ve been here before. It didn’t muster much, but I think this time is different.”
Vays also said that the Chaikin money flow (CMF), which measures the buying and selling pressure of an asset, is “looking promising.”
More than that, it’s also been revealed that the trader says the relative strength index (RSI), a momentum indicator that points to possible trend reversals, is also turning bullish.
“The [CMF] is also looking very favorably. It would be nice if we can get the [CMF] over the last hump but more importantly, over the zero line. We might need a few more weeks to get there, but it’s looking promising. So looking good.”
Vays continued and pointed out the following:
“The RSI is right at the normal levels. Therefore, it tells me that this is a potential buying opportunity from the RSI perspective. So all the metrics are actually turning into a bullish environment.”