Crypto analyst and trader Tone Vays suggests that Bitcoin, the largest crypto by market value, is showing signs of being primed for an upward explosion.
Anticipated Bitcoin Rallies of $34,000 and $55,000
He expresses doubt about a crash occurring in the next 12 hours, stating “the next candle will be a green star candle, and hopefully, it will put us in a new high swing. The last green star candle took all the thunder. Now, most of the thunder will occur in the reversal candle, which is officially not a tradable candle, but the moving averages are moving into the uptrend area and the weekly chart is now fully in uptrend mode according to Consensio.”
The Consensio trading system that Vays refers to uses three different moving averages to determine an asset’s momentum and to set the position size.
Looking at the price chart shared by the analyst, it appears he’s forecasting an approximate rally of $34,000 towards his first target. Should Bitcoin surpass this initial goal, Vays believes BTC could climb as high as $55,000.
Potential S&P 500 Danger for Bitcoin
Although Vays is on the side expecting a rise in BTC, he suggests that the largest crypto’s daily price chart indicates it’s within an accumulation period, stating:
“The daily chart is on an MRI (momentum reversal indicator) top, so the last 24 hours were a good time to take your profit. A brand new candle has been lit. I expect a one to four candle correction, but this correction could definitely be an accumulation correction, and I am definitely expecting accumulation. I think we will hold above $30,000 here, but watch out for the S&P 500. The daily S&P 500 chart could drop by as much as 5%, possibly 3%, down to the 4,275 area. So it could drop for most of this week, which could pull Bitcoin down a bit.”
