an experienced cryptocurrency trader, Bitcoin (BTC) He claims that if it hits certain price targets, it can almost guarantee the start of a new bull market.
BTC Analyst: “Return to November Level Will Be Decisive For Bitcoin Price”
In a new strategy video, Tone Vays describes a scenario to his 123,000 YouTube subscribers showing how Bitcoin bulls can effectively end the year-long bear market.
According to Vays, for BTC bulls to have a good chance of sparking a new bull market, the BTC price needs to hit its November high:
“I would like to see a move to just below $23,000. If we get rejected, we need to hold $19,000 while being rejected and then go back and start challenging $23,000.
This indicates to me that the bull market started with about 95% to 98% certainty. Until I get this situation, I don’t have 95% certainty that the bull market has started.”
The crypto trader who correctly predicted BTC’s crash in 2018 is also open to the idea that Bitcoin could be the scene of another drop. However, he thinks that after the capitulation of traders, BTC will most likely start a new bull rally right away:
“Another scenario is that we go down to $11,000 or below. I believe the bull market will start right after that because I don’t believe Bitcoin can drop any further. So these are my two final scenarios.”
In either scenario, Vays expects Bitcoin to hit the $23,000 price level either late this year or early 2023.
*Not investment advice.
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