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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