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.”
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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