October 31, 2023
In a recent strategy session, veteran crypto trader Tone Vays highlights a bullish pattern forming in Bitcoin (BTC) that could lead to a significant breakout. With a large following of 123,000 subscribers on YouTube, Vays predicts a potential 10% surge in Bitcoin's price.
Vays points out that Bitcoin is currently consolidating within a clean channel on the four-hour chart, with a range between approximately $34,858 and $33,701. As long as Bitcoin remains above $33,500, the bullish sentiment persists. Vays describes the channel as 'gorgeous' and believes that a breakout to the upside is more likely than a breakdown.
Once the breakout is confirmed, Vays sets a 'reasonable target' of an eight to 10% rally in Bitcoin's price. This potential surge could provide an opportunity for traders and investors to capitalize on the market movement.
In the event of a retracement, Vays suggests that Bitcoin may find support before reaching the $30,000 mark. He identifies the $28,000 level as a 'monster area of support' due to the presence of key moving averages. However, Vays notes that the longer it takes for a pullback to occur, the higher the moving averages will rise.
Bitcoin is currently trading at $34,368, and with the formation of a bullish pattern, there is a potential for a significant breakout. Traders and investors should closely monitor the price action and consider the target levels mentioned by Vays. It is important to conduct thorough research and exercise caution when making investment decisions in Bitcoin or any other digital assets.
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