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October 31, 2023

Bitcoin's Bullish Pattern Points to Potential 10% Price Surge

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

Introduction

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.

Bitcoin's Bullish Pattern Points to Potential 10% Price Surge

Bullish Price Pattern

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.

Price Target

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.

Support Levels

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.

Conclusion

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.

About the author
Ethan Lim
Ethan Lim
About

Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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