Veteran analyst Tone Vays believes that Bitcoin (BTC) is preparing for a major breakout in the next few weeks.
In a new price action update, Vays Says 114,000 YouTube subscribers believe the next short-term target for BTC is $52,000. If and when the top cryptocurrency reaches this level, fireworks are expected.
“I still believe that once we break the high of $52,000 we will go up very quickly to $65,000. Then we will likely have a little pullback to the lower $50,000 range and then have a beast breakout that’s accelerating like gasoline on fire. The moment we cross $65,000.”
Vays notes that Bitcoin has recently had a “golden cross,” which is when a short-term moving average crosses above a long-term moving average. The technical pattern is often seen as an indication that a breakout may be on the horizon.
“We got the golden cross. And I think in the next week or so, we will be back above all the moving averages and approaching new swing highs, and then absolutely new highs.”
As for the key levels to watch, Vays is paying attention to $41,000 as a critical support level to hold.
“I think there is a greater than 50% chance that this is a low level [$40,238] It will hold up, and so will this low [$41,677]. I think we’re on the verge of an uptrend, and I know I’m wrong if bitcoin drops lower [$41,000]…
As long as Bitcoin stays above $41,000 tonight, and especially if Bitcoin can break above the $43,500 swing high, I remain very optimistic.”
At the time of writing, Bitcoin is trading at $43,188 according to Queen Gekko.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions 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, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock / Tithi Luadthong