It has been just revealed that the important trader Tone Vays is talking about an amazing pattern that could lead to a price explosion for Bitcoin. Check out the latest reports below.
Tone Vays about Bitcoin’s price
In a recent strategy session, veteran crypto trader Tone Vays shared his bullish outlook on Bitcoin (BTC), suggesting that the leading cryptocurrency may experience a significant breakout in the near future.
According to Vays, Bitcoin is forming a bullish price pattern on the four-hour chart by consolidating within a clean channel between approximately $34,858 and $33,701.
The seasoned analyst, who has 123,000 YouTube subscribers, predicts that Bitcoin could potentially surge by about 10% from its current price.
“[On the] four-hour [chart], as long as it doesn’t cross $33,500, it’s bullish. And we can now actually put in a channel. [This is a] gorgeous channel. We are now at the middle of the channel. Very likely we’re going to break out to the upside. Let’s see how long it lasts. More likely this is a breakout than a breakdown. It doesn’t have to break out. Technically, it can go either way.”
The trader predicts that if the breakout is confirmed, Bitcoin may experience an 8% to 10% rally.
Vays also believes that if Bitcoin retraces, it may find support before reaching the $30,000 mark, where several essential moving averages are situated.
According to Vays, the $28,000 area is a significant support level, and he is optimistic that Bitcoin will fall back to this level.
However, he also says that the longer it takes to reach this area of support, the more the moving averages will rise, and if the price eventually pulls back, it may only go as low as $31,000. At the time of writing, Bitcoin is trading at $34,368.
Stay tuned for more exciting news from the crypto space ahead of the important Bitcoin ETF approval.
