Senior cryptocurrency analyst Tone Vays predicts upcoming rallies for Bitcoin (BTC), saying that the crypto king is in full bullish mode. In a recent strategy session, the veteran analyst told 123,000 YouTube subscribers that BTC is giving signs of a bullish turn, saying:
I doubt we will drop in the next 12 hours so the next candle will be a green star candle and hopefully this will get us to a new high. The moving averages are moving into the bullish zone and the weekly chart will be in the upside candlestick which is currently in full bullish mode based on Consensio.
The Consensio trading system uses three different moving averages to determine the momentum of an asset and determine the position size. Looking at the analyst’s chart, he seems to predict that Bitcoin will rally towards its initial target around $34,000. If Bitcoin rises above its initial target, Vays suggests that BTC could rise as high as $55,000. While Vays is optimistic about BTC, he emphasized that Bitcoin’s daily chart shows that a period of consolidation is on the horizon for the crypto king.
The daily chart is at an MRI (momentum reversal indicator) peak, so the last 24 hours were a good time to take your profits. We started a brand new candle. I’m looking for a one to four fix, but that fix could definitely be consolidation and I’m leaning more towards consolidation. I think we’ll keep $30,000 here, but watch out for the S&P 500… The daily S&P 500 actually has room to drop 5% or more, maybe 3% more, to the 4,275 region, so it could drop the most week and this is Bitcoin. It might pull it down a bit.