Crypto Analyst Tone Vays Says $100,000 Bitcoin Predictions in Play If BTC Breaks These Pivotal Lines of Resistance

Veteran analyst Tone Vays says an epic Bitcoin rally is in store if the king of crypto can overcome key areas of resistance.

In a new episode of Trading Bitcoin, Vays says the TD Sequential indicator, which traces a series of price points to identify potential breakouts, suggests Bitcoin may break out to $9,000 in the short term.ADVERTISEMENT

But despite the bullish indicator, Vays says he’s not betting on this coming to fruition due to a strong line of resistance at $8,000.

“Can we make it to [$9,000]? Anything is possible… The biggest reason why that’s a little too optimistic is this behemoth of triple resistance of the 128-day moving average, the 200-day moving average and a fibonacci 62% line [at $8,000]. That is a monster.”

If Bitcoin can make it to $9,000, Vays says the last line of resistance is a descending triangle that currently stands at $9,500.

If that happens, Vays says the highly discussed stock-to-flow model from the anonymous analyst PlanB – which forecasts that BTC will hit anywhere from $100,000 to $288,000 by 2024 – will suddenly be on the table. Vays also points to John McAfee’s infamous bet that BTC will hit $500,000 this year.

“The moment we break above this red line [at $9,000] PlanB is going to be right. And PlanB has some very optimistic targets.

For all we know, John McAfee could be right with his $500,000 target. This is the ultimate resistance and it’s not that further off. This is at $9,500 right now. What do I think is going to happen? What I think is going to happen is we’re going to get rejected by this monster [at $8,000].” [ok I see now where he says it’s a no-go. So I think you just have to finesse the top a bit otherwise it looks like you’ve misinterpreted him.]

Vays says he’s expecting BTC’s current rally will continue until it hits that barrier at $8,000. After that, he predicts BTC will correct to $7,450 or $7,200.

Author: https://dailyhodl.com/author/thedailyhodl/

Source: https://dailyhodl.com/2020/04/28/crypto-analyst-tone-vays-says-100000-bitcoin-predictions-in-play-if-btc-breaks-these-pivotal-lines-of-resistance/

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