Cryptocurrency trader Tone Vays says that the possibility of Bitcoin (BTC) hitting over 75% between now and the end of the year are low.
Furthermore, Tone Vays says that Bitcoin is unlikely to rise above a price of $100,000 in 2021. Then, notes the target could be hit during the first three months of 2022.
So, Tone Vays explains.
“And while I still like for Bitcoin to break a $100,000 area by the end of the year,..”
“at the moment that is looking unlikely…”
“But Q1 2022 is perfectly reasonable for that break of the $100,000 mark.”
More so, Tone Vays says that if Bitcoin tries and passes the 50-day moving average, then it may rally upwards.
“I do anticipate this Bitcoin price closing at just below the 50-day moving average to be a rejection…”
“It’s already acting like a rejection. But if we make it back to this [50-day] moving average in…”
“a short period of time and on a daily scale – within a couple of weeks…”
“– I would expect it to break to the upside.”
Lastly, Tone Vays then also notes the “more likely path” for Bitcoin to take.
“For now, however, we’re going to remain conservative and…”
“we’re going to assume that this is rejection taking prices down to a new swing low…”
“As unfortunate as that sounds but this is currently the more likely path,…”
“even though my thumbnail is bullish and my background is bullish.”
Currently, Bitcoin is trading at $56,300 at time of writing.
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