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Veteran crypto strategist Tone Vays says the big Bitcoin breakout has more gas left in the tank.
In a new video, Vays explains why he believes the bullish rally that pushed Bitcoin above resistance of $12,000 is not yet over.
“That is exactly what I’m kind of foreshadowing going into the future. We still have this triangle right here and we can still pull back into this triangle, but I do think that right now, there is still enough FOMO (fear of missing out) to get us higher into that high $13,000 range.”
As Bitcoin draws near its next resistance level at $14,000, the crypto analyst predicts that market participants will start to take profits.
“That breather could be horizontal consolidation or that breather could be a pullback all the way back down to $12,000 or even as low as $11,500.”
Although Vays sees a correction on the horizon, he is long-term bullish on the world’s most dominant cryptocurrency.
“[The] monthly view is going to be great. We’re going to close as the second-highest month ever and we got a shot at closing at the highest month ever if we can close at $14,000. That would be the highest monthly close ever, which would also be absolutely great.”
Vays also highlights his current personal sentiments on BTC.
“I’m pretty damn bullish right now. I don’t know if that’s stupid or not but I’m pretty damn bullish. I haven’t been this bullish since early 2017.”
As for his long-term BTC forecast, the veteran trader believes that Bitcoin is poised to ignite a massive rally within the next six months.
“Let’s be reasonable here. Let’s say we have a 300% move. That takes us to $50,000.”
However, Vays believes Bitcoin will suffer a massive devaluation after going as high as $50,000 before recovering and climbing above $100,000.
“I can see a 50% crash, which would take us to about $20,000 to $25,000. Let’s say we go back to $20,000 – the prior swing high… And then from there, I could see, this would be fast, I could see a slow grind back up to $50,000.
From this $50,000 area or let’s from that $40,000 area, we go up another 300% to 400%. This is something that’s realistic to me. That takes us to say $150,000 from there. How long would that take? Before the next halving.”
Featured Image: Shutterstock/Art Furnace