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Following the recent surge in the prices of Bitcoin (BTC) which placed the cryptocurrency above 11,000USD, renowned cryptocurrency analyst, Tone Vays, in a recent statement revealed the final hurdle left for the King coin to reach a new all-time high.
Vays said before we can expect Bitcoin to rise to a new all-time high, the cryptocurrency must flash another bullish signal again.
The current market dominance by Bitcoin according to Vays is an indication that the king coin is ripe for a bullish uptrend, which would be distinct from its metaphoric rally of 2019. He pointed out that he would remain bullish about Bitcoin as long as the noble coin remains on the upside trend of the market.
However, Vays opined that BTC essentially like gold, would experience a fallback to 10,000USD after which it might take off to hit a new all-time high. He further disclosed that he would refrain from touching his HODL position because his expectation for Bitcoin, this year, is really high compared to 2019.
To be more bullish on Bitcoin, the crypto trader said a full candle above the trend line is needed.
The analyst went on to disclose that he had in the past sold part of his HODL position to pay bills because he was skeptical about BTC rallying to 14,000USD, nevertheless, he is now super confident that Bitcoin would surge past 14,000USD.
Nonetheless, Vays said the king coin must maintain a crucial line at 10,000USD in order to achieve a market-dominating Bull Run.
Bitcoin Price Hits New Yearly high
The pioneer cryptocurrency has answered the prayer of HODLers from across the globe by moved up over the weekend to set a new yearly record above $11,400. Bitcoin’s price on Sunday broke the 10,000USD level for the first time in two months.
This development buoyed the entire crypto market and pushed Ethereum to also hit a new yearly record.
It is however important to mention that BTC has been trading between 9,000USD and 10,000USD for the past two months and have gotten tighter within this band in the last 30 days staying below 9,500USD.
The period was a near historic stability period for Bitcoin, as the noble coin received numerous comments from crypto enthusiasts including the Binance CEO Changpeng Zhao, who jokingly said investors have taken to calling Bitcoin a “stablecoin”.
At press time a unit BTC is priced $11,020 with over 1% change against the US Dollar in the last 24 hours.