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- Veteran trader Tone Vays correctly predicted the fall of Bitcoin in 2018.
- Vays says right now, BTC is in an enclosed horizontal channel.
- He believes there is a higher than 50% probability of an upside breakout.
The cryptocurrency market is known for extreme volatility; it is considered to be highly unstable. A crypto trader who in 2018 precisely predicted BTC’s collapse is out again. This time he is predicting a modest surge in BTC price by the end of 2022.
Tone Vays in his latest strategy session on YouTube where he has 123,000 subscribers remarked that right now, BTC is trading in an enclosed horizontal channel, especially after rallying from its latest bear market low of around $15,700.
“The fact the this horizontal channel is taking place after 10% upswing, there is a higher than 50% probability that the next breakout will be to the upside.”
Vays expects BTC to take a bullish path, albeit in a short time frame. He feels this rally might push the digital gold towards a major resistance level, eventually triggering the next sell-off event.
“That gets us to the underside of the prior channel, which is major and monster resistance, especially if it comes in contact with the 128-day moving average.”
He feels that this bounce shall continue till the end of 2022; everyone will be super bullish in the starting periods of 2023, eventually bringing the higher probability of one more yield downwards.
Tone has previously speculated of a prudent chance that one more submission towards the sub-$1500 level,
“The main reason why I believe that is because we spent way too much time at the lows of $16,000.”
Usually, when the market gets to its lower end, a trader only has a few hours to decide to buy at the perfect low. One does not get weeks to think it over; it’s either now or never kind of situation.
Bitcoin Chart Analysis.
BTC is currently trading at $17,207.79, up by 1.54% since yesterday. Its price against Ether has dropped by 0.60% and is now at 13.51 ETH. Its market cap saw a positive jump of 1.54% at $330 billion; Its volume bounced by 3.04% at $17 billion. At the same time, its market dominance dropped to 39.0%.
From the chart, it is clear that the market saw a huge drop during the FTX saga, and right now, the market is in a consolidation state. There are no clear signs for buy or sell at the moment. It is expected to find solid support at $15,517.51; till then, there is little possibility for a bullish trend. It shall be a great opportunity for buyers to buy near its absolute low.
It might break its first resistance at $18,678.21; from then on, aggressive buyers shall try to push the rates towards its second resistance at $19,751.11. At that time, there shall be an opportunity for the sellers.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
