A closely followed trader says he’ll become one of Bitcoin’s (BTC) biggest bulls if the crypto king manages to stay above a key resistance level.
In a new strategy session, veteran trader Tone Vays tells his 122,000 YouTube subscribers that Bitcoin is trading within a very tight range, but he sees a path for BTC to break out and rally to $48,000.
“In a perfect world, we would start to rally here real soon, get back to the top of the range ($44,000) then fall back down to the bottom of the range $40,000, get some people scared, touch the [128-day] moving average [at $40,000]… and then rally from there.
Or just continue to consolidate and allow the [128-day] moving average to catch up.”
According to Vays, he’ll become “super bullish” on Bitcoin once BTC starts closing above $43,500 as it would suggest that the crypto king is gearing up to break out of its range.
In late December, Vays said Bitcoin would likely gather strong bullish momentum if it moves above $50,000. According to the analyst, sidelined traders would likely chase BTC at that point, ultimately leading to more rallies.
“The only other high to deal with [after going above $50,000] is going to be the $65,000 closing all-time high.
I think if Bitcoin starts to establish itself above $50,000, FOMO (fear of missing out) is going to break loose. Like the ultimate FOMO is going to break loose, everyone is going to be rushing in.”
At time of writing, Bitcoin is trading at $42,809.
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