Veteran trader says Bitcoin is ‘very, very clearly’ picking the path to extended bull market – here’s his outlook

Seasoned trader Tone Vays believes that the recent Bitcoin (BTC) correction is setting the crypto king up for an extended bull cycle.

In a new strategy session, Vays tells his 123,000 YouTube subscribers that Bitcoin’s current consolidation is a signal that BTC is likely following a path leading to an extended bull market.

In March, Vays predicted that Bitcoin could either witness a parabolic rally to $60,000 this year and top out at $200,000 sometime in 2025, or continue to consolidate for the rest of the year before rallying towards its higher target of $300,000.

According to Vays, Bitcoin is now clearly showing that it wants to go through a prolonged bull market that could propel the crypto king to as high as $300,000.

“We continue to consolidate. It̵[ads1]7;s continued to be frustrating. I’ve been a Bitcoiner and it’s very, very clear that Bitcoin is choosing the purple path.

I have two lanes for Bitcoin. One was a bit more bullish with a lower top ($200,000), and the other was a bit more bearish with a higher top ($300,000) a little further down the line.”

Source: Tone Vays/YouTube

As for his near-term outlook on BTC, Vays previously said that Bitcoin is likely to rise to $34,000 due to the fact that the halving is less than a year away.

“The probability of a random swing to the upside where we go straight to $34,000 is much higher than a random crash to the downside where we hit $22,000.

Like we’re sitting here at $27,000, so to get to $34,000 that’s $7,000… to go down $5,000.

I think plus $7000 is much more likely than down $5000 from here. I just think the downside is very limited, very limited.”

At the time of writing, Bitcoin is trading at $27,249.


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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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