- Tone Vays predicts a bullish surge for Bitcoin, indicating that it’s set to spike upward based on the Consensio trading system.
- Though bullish on Bitcoin, Vays suggests a consolidation period ahead for Bitcoin, in light of the daily chart’s momentum reversal indicator (MRI) top.
Renowned crypto analyst Tone Vays is forecasting bullish rallies for Bitcoin (BTC), stating that the premier cryptocurrency is fully primed for an upward surge. In a recent strategy discussion with his 123,000 YouTube followers, Vays laid out the indicators suggesting that Bitcoin is geared up for a potential rally.
“I highly doubt we’re gonna crash in the next 12 hours, so [the] next candle will be a green star candle and that hopefully will set us off on a new swing high,”
Vays elaborates. He identified that the crossing over of moving averages into bullish territory and the weekly chart’s bullish stance, as per the Consensio trading system, indicate a promising surge.
For the uninitiated, Consensio uses a triad of moving averages to determine an asset’s momentum and prescribe position sizing. In Vays’ analysis, Bitcoin seems to be heading towards his preliminary target of around $34,000. If Bitcoin successfully surpasses this initial goal, Vays hints that BTC could reach up to $55,000.
However, while displaying a bullish outlook on Bitcoin, Vays also proposes that the crypto king’s daily chart signifies an imminent consolidation period.
“The daily chart is on an MRI (momentum reversal indicator) top, so the last 24 hours was a good time to take your profit,”
Vays suggests.
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“We just started a brand new candle. I am looking for a one- to four-candle correction, but this correction can certainly be consolidation, and I am leaning more toward consolidation,”
he adds. Vays’ current position asserts a likely hold at $30,000 for Bitcoin but advises caution due to potential influence from the S&P 500’s movements.
He warns,
“The daily S&P 500 actually has room to go down another 5% or so, maybe 3%, down into the 4,275 area, so [it] could fall most of [this] week and that could drag Bitcoin down a little bit.”
At the time of reporting, Bitcoin is trading at $30,173, marking a slight drop of nearly 1.50% in the last 24 hours.
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