Renowned cryptocurrency analyst Tone Vays has made a bold prediction about Bitcoin price movement. According to him, the world's leading cryptocurrency is preparing for a significant rally. In this article, we'll dive deeper into Vays' analysis and understand what it means for Bitcoin investors.
There is a probability of more than 50% of Bitcoin going up. We should expect growth of at least 10%. But when approaching the levels of the previous channel, which is about $20,000, sellers can increase the pressure.Tone Vays
Bitcoin's Consolidation and Upward Movement
Vays believes that Bitcoin price has been consolidating around $17,000 for an extended period, indicating a potential increase in the exchange rate. The cryptocurrency hit its "bottom" at $15,700, from which it has bounced back strongly. With the price corridor seemingly limited horizontally, Vays argues that the only way out for Bitcoin is upwards.
Probability of Bitcoin Going Up
The cryptocurrency analyst is bullish on Bitcoin's prospects and predicts that there is more than a 50% chance of the digital currency going up. He also expects the price to grow by at least 10%. However, sellers could exert pressure when the cryptocurrency approaches the previous channel's levels, around $20,000.
Vays stressed that the asset's price is typically traded around the bottom for only a few hours. In Bitcoin's case, it fell to $15,700 for a brief period. This is a positive sign, as it suggests that the cryptocurrency is strong enough to bounce back from the bottom.
Bitcoin's Future Price Movement
Vays' bullish analysis aligns with his previous prediction that Bitcoin would reach a six-figure price in 2023, even before the next miner remuneration reduction. If his analysis holds, the cryptocurrency could witness a massive price surge in the coming months.
Vays' analysis provides valuable insights into Bitcoin future price movement. The cryptocurrency's consolidation around $17,000 indicates a potential upward movement, which could lead to a significant rally. While there is a chance that sellers could increase pressure, the asset's strength in bouncing back from the bottom provides a positive outlook. If Vays' bullish prediction holds, Bitcoin investors could reap substantial rewards.