Experienced trader and analyst Tone Vays stated that the current price action is just dry noise and predicts a strong Bitcoin (BTC) boom.
In a new video, Vays said that BTC has been on the rise since recovering from the pandemic-induced crash in March 2020.
“This is just a speed bump in a bull market. Right there we had 50% speed bumps (May 2021)… And now we have about 38% speed bumps. ”
According to Vays, Bitcoin is trading inside a large ascending triangle on the monthly chart. A technical formation is a bullish pattern that indicates a continuation of an uptrend when an asset breaks resistance.
“I can’t wait for this to explode. And the later it explodes, the more violent it will be on the upside. [Bitcoin] looks great. The monthly chart looks absolutely fantastic. ”
According to Vays’ chart, BTC must take resistance near $60,000 to ignite a major rally above $100,000.
In the short term, Vays says Bitcoin needs to break above a key level to convince him that the low is definitely in.
“We pulled back a little from the moving average on this four-day candle. But the next four daily candles can easily break the next moving average and after that candle you will have a moving average crossing. So if the next candle is giving us strength… If the next candle breaks $51,750 then I would put 20% to 33% back in the market. ”
