Last month, following the approval of Spot Bitcoin ETFs, the price of Bitcoin soared to $49,000 but subsequently crashed. Although the price has recovered from its drop to the $38,000 level, it still appears far from the $49,000 mark. As the China-centered crisis becomes a more pronounced topic of economic discussion, everyone is curious about where Bitcoin might head next. So, how much could the price of Bitcoin be in the coming days? Here are the opinions of Tone Vays on the subject.
Analyst Tone Vays’ Comments on Bitcoin
A closely followed trader suggests that if Bitcoin (BTC) manages to stay above a key resistance level, it could become one of the biggest bulls.
Experienced investor Tone Vays, in a recent statement, pointed out that Bitcoin is trading within a very narrow range and indicated that conditions are starting to form for BTC to rise to $48,000 and climb higher.
In a perfect world, we would start rallying very soon, return to the top of the range ($44,000), then drop to the bottom of the range to $40,000, scare some people, touch the 128-day moving average ($40,000) … and then rally from there. Or we just continue to consolidate and allow the 128-day moving average to be reached.
According to Vays‘ opinion, a “super bull” situation for Bitcoin will emerge when consecutive closings above $43,500 occur, as this will mean that BTC is ready to break out of its range.
Looking back at last December, Vays predicted at the end of the month that if Bitcoin crossed above $50,000, it could have a strong upward momentum. According to the analyst’s comment, investors who buy and wait for the rise will likely anticipate BTC’s ascent at this point, leading to more rallies as a result.
After crossing $50,000, the only other peak to contend with will be the all-time high of $65,000. I think if Bitcoin starts to climb above $50,000, the FOMO (fear of missing out) will dissipate. It will be like the ultimate FOMO burst, everyone will rush in.
Current State of Bitcoin
The price of Bitcoin continues its downward trend due to market volatility. In the last 24 hours, the BTC price saw a 0.9% decrease, still trading below the $43,000 level at the $42,800 region.
There was also a decline in Bitcoin’s overall market cap, which fell below $840 billion. Bitcoin’s 24-hour trading volume, however, increased by 20% to $18.4 billion during this period.
