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Analyst: These Two Scenarios Could Start Bulls

A seasoned analyst says that if Bitcoin hits certain price targets, it could guarantee the start of a new bull market.

In a new strategy session, Tone Vays lays out two scenarios for 123,000 YouTube subscribers showing how the bear market could end. According to Vays, BTC bulls have some criteria to start a new bull cycle. First of all, Bitcoin should rise to the highs of November again. The analyst used the following statements in his statement:

“I would like to see a move just below $23,000. If we are rejected at this level, we should hold $19,000. After consolidation here, BTC should cross $23,000. If this happens, the bull market may start with 95% to 98% certainty. It’s almost impossible to start.”

Accurately knowing the collapse of BTC in 2018, the analyst is also open to the idea that Bitcoin may witness another selling event. However, he highlights that once the capitulation takes place, BTC will likely start a new bull rally immediately. Another scenario pointed out by the analyst is for BTC to drop to $11,000 or below. The expert believes that the bull market will start soon after that because he does not believe that Bitcoin can drop further. The analyst believes that one of these two scenarios will definitely happen. In either scenario, Vays expects Bitcoin to hit the $23,000 price level late this year or early 2023.

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