Veteran trader Tone Vays predicts rallies for Bitcoin, says BTC is in full swing – here are his targets

Veteran crypto trader Tone Vays predicts upcoming rallies for Bitcoin (BTC) and says the crypto king is in an absolute uptrend.

In a new strategy session, the veteran analyst tells his 123,000 YouTube subscribers that the largest crypto asset by market cap is showing signs of exploding to the upside.

“I highly doubt we’re going to crash in the next 12 hours, so [the] The next candle will be a green star candle and hopefully that will take us to a new swing high.

The last green star candle took away all the thunder. Now most of the thunder will happen on the reversal candle, which is not the case [an] officially tradable candle but the moving averages are moving into bullish territory and the weekly chart is now [in] fully bullish mode based on Consensio.”

Source: Tone Vays/YouTube

The Consensio trading system uses three different moving averages to determine an asset’s momentum and determine position sizing.

Looking at the trader’s chart, he appears to be predicting a Bitcoin rally towards its original target at around $34,000. Should Bitcoin break through its initial target, Vays suspects BTC could rally to $55,000.

While Vays is bullish on BTC, he says Bitcoin’s daily chart suggests the crypto king may be heading for a period of consolidation.

“The daily chart is sitting on an MRI (Momentum Reversal Indicator) top, so the last 24 hours has been a good time to take profits.

We just started a brand new candle. I’m expecting a one to four candle correction, but that correction can very well be a consolidation and I tend to consolidate more.

I think we’re going to stay at $30,000 here, but be careful with the S&P 500… The daily S&P 500 actually has room for another drop of about 5%, maybe 3%, into the 4,275 area [it] could fall most [this] week and that could drag bitcoin down a bit.”

Bitcoin is trading at $30,173 at the time of writing, down nearly 1.50% over the past 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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