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Home»Analysis»Veteran Trader Says Bitcoin ‘Very, Very Clearly’ Choosing Path of Extended Bull Market – Here’s His Outlook
Analysis

Veteran Trader Says Bitcoin ‘Very, Very Clearly’ Choosing Path of Extended Bull Market – Here’s His Outlook

2023-05-21No Comments2 Mins Read
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Seasoned trader Tone Vays believes that the recent Bitcoin (BTC) correction is setting up the crypto king 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 that leads 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 toward his 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. It’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 paths for Bitcoin. One was a little more bullish with a lower top ($200,000), and the other was a little more bearish with a higher top ($300,000) a little further down in time.”

Source: Tone Vays/YouTube

As for his near-term outlook on BTC, Vays previously said that Bitcoin will probably rally 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 way higher than a random crash to the downside where we’re hitting $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 $7,000 is a lot more likely than down $5,000 from here. I just think the downside is very limited, very limited.”

See also  Uniswap fee reward mechanism proposal boosts its earnings above Bitcoin

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

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bitcoin
Bitcoin (BTC) $ 105,294.21
ethereum
Ethereum (ETH) $ 2,411.55
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.18
bnb
BNB (BNB) $ 638.22
solana
Solana (SOL) $ 144.41
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.27257
dogecoin
Dogecoin (DOGE) $ 0.163686
staked-ether
Lido Staked Ether (STETH) $ 2,411.36