Popular crypto analyst and trader Tone Vays has declared that he expects Bitcoin (BTC) to make a strong move upwards if it can turn a significant resistance level into support and maintain above it. The analyst further stated that if this scenario plays out, he would become one of the biggest Bitcoin bulls.
Analyst Sets Launch Threshold at $40,000 Level
Experienced crypto analyst Vays, in his latest strategy session on his YouTube channel, told his subscribers that Bitcoin is trading in a very tight range, but should it break the resistance level ahead, a rise to $48,000 could be on the cards, saying:
We could start rallying very soon in a perfect scenario. If we rally, we would return above the $44,000 level. Then, we would pull back to the bottom of the range, around $40,000, scare a lot of investors by touching the 128-day moving average at $40,000, and then begin the rally.
Or we could just continue to consolidate and move sideways around the 128-day moving average.
According to the analyst, BTC will switch to the “super bullish” side once it starts making candle closings above $43,500, emphasizing that this would be a significant sign of the largest crypto preparing to exit its range.
“Real FOMO to Be Triggered After Surpassing $50,000”
Vays had previously expected Bitcoin to gain strong upward momentum by the end of December 2023 if it surpassed $50,000, but this did not materialize. According to the analyst, investors who have pulled out of the market will likely start chasing the largest crypto around this level, ultimately serving as fuel for a stronger rally:
After surpassing $50,000, the only other critical level to overcome is $65,000. If we break above this level, we will set a new record. I believe if Bitcoin surpasses the $50,000 level, the current FOMO will dissipate. The ultimate FOMO will erupt, and everyone will start buying in a hurry.
