Veteran trader Tone Vays believes the recent Bitcoin (BTC) correction is setting the crypto king into an extended bull cycle.
In a new strategy session, Vays told his 123,000 YouTube subscribers that Bitcoin’s current consolidation is a sign that BTC is likely to follow a path leading to an extended bull market.
In March, Vays predicted that Bitcoin would either experience a parabolic rally to $60,000 this year and reach $200,000 sometime in 2025, or continue to consolidate for the rest of the year before rushing toward its higher $300,000 target.
According to Vays, Bitcoin is now clearly showing that it wants to go through a prolonged bull market that could push the crypto king to $300,000.
“We continue to consolidate. We keep getting frustrated. I have been a Bitcoiner and it is very clear that Bitcoin is going the purple way.
I have two bitcoin tracks. One was a bit more bullish with a lower high ($200,000), and the other one was a bit more bearish with a higher high ($300,000) and it went down a bit over time.”
Turning to his near-term predictions for BTC, Vays previously said that bitcoin is likely to rise to $34,000 due to the fact that the halving is less than a year away.
“The potential for an arbitrary flip to the upside where we go straight to $34,000 is much higher than an arbitrary breakdown to the downside where we go to $22,000.
It’s like we’re at $27,000 here, so to get $34,000 that’s $7,000… to get $5,000.
I think a $7,000 addition is much more likely than a $5,000 decrease from here. I just think the downside is very limited, very limited.”
At the time of writing, Bitcoin is trading at $27,249.
Don’t miss out – sign up to receive encrypted email alerts delivered straight to your inbox
Check the price action
follow us TwitterAnd Facebook And cable
Browse the Daily Huddle Mix
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making risky investments in bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl deals in affiliate marketing.
Generated image: Midjourney