June 13, 2024

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Veteran trader says Bitcoin is choosing the extended bull path ‘very clearly’ – here is his forecast

Veteran trader says Bitcoin is choosing the extended bull path ‘very clearly’ – here is his forecast

Seasoned trader Tone Vays believes that the recent Bitcoin (BTC) correction is setting the crypto king for 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 Bitcoin would either see a parabolic rally to $60,000 this year and reach $200,000 sometime in 2025 or continue consolidating 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 up to $300,000.

“We keep consolidating. Keep getting frustrated. I’ve been a Bitcoiner and it’s very clear that Bitcoin is choosing the purple path.

I have two bitcoin tracks. One was a little more bullish with a lower high ($200,000), and the other was a little more bearish with a higher high ($300,000) and it went down a bit in time.”

Source: Tone Vays / YouTube

As for his near-term predictions for BTC, Vays previously said that bitcoin will likely surge to $34,000 due to the fact that the halving is less than a year away.

“The potential for a random swing to the upside where we go straight to $34,000 is much higher than a random breakdown to the downside where we go to $22,000.

It’s like we’re sitting here at $27,000, so to get to $34,000, that’s $7,000…to get down to $5,000.

I think an addition of $7,000 is much more likely than a $5,000 drop from here. I just think the downside is very limited, very limited.”

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At the time of writing, Bitcoin is trading at $27,249.


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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.

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