Cryptocurrency trader Tone Vays says that the chances of Bitcoin (BTC) going up by over 75% between now and the end of the year are low.
Vays tells his 116,000 YouTube subscribers that while Bitcoin is unlikely to rise above a price of $100,000 in 2021, the target could be hit during the first three months of 2022.
“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.”
The veteran crypto trader says that if Bitcoin manages to climb above the 50-day moving average, then the flagship cryptocurrency could 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.”
On the other hand, Vays says that the “more likely path” for Bitcoin to take is to spiral downwards.
“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.”
Bitcoin is trading at $56,300 at time of writing.
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