Experienced investor and trader Tone Vaysshared his views on what needs to happen for Bitcoin (BTC) to rise as crypto markets continue to react to global geopolitical instability.
Speaking in a new video he shared on his YouTube channel, Tone Vays stated that Bitcoin, the largest crypto asset by market cap, has gone through a quarter where it continues to form both lower highs and lower lows.
Vays, both the short-term moving average of his weekly chart and the last one on Feb. Bitcoin (BTC) He thinks that BTC will not reverse its course until it breaks above the previous high set by its rally.
“(I think) we are still in a downtrend. I could tell you rosy tales of how we could get to $100,000, like stories of unicorns and rainbows, but the technical charts don’t confirm that yet. Sorry, we don’t have room for these pink stories right now.
The weekly chart needs to break above the short-term moving average and break above the previous rise ($44,000). Until we do, we are currently in a three-month trend to set lower highs and lower lows…
I don’t think Bitcoin will go up until this pattern is broken.”
Looking at the monthly chart, Vays noted that Bitcoin has managed to recover the diagonal support of a large ascending triangle.
“We are back inside the triangle. We are at critical lows below this moving average that could close the month.”
Earlier this week, Vays predicted that Bitcoin would eventually break out of the triangle and hit all-time highs.
“In a world of inflation, in a world of tyrannical governments that confiscate your money, bitcoin price eventually this couple will rise to the top of the hill, and in vengeance the couple will rise to the top of the hill. Keep in mind that the longer Bitcoin presses below $65,000, the more violent the upward move will be.
To me, that’s pretty much true. When it will be? I do not know.”
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