Everyone is wondering if Bitcoin (BTC), which is having a hard time in the middle of geopolitical and economic uncertainties, will be able to get out of this crisis situation soon. According to senior trader Tone Vays, there are a number of conditions necessary for Bitcoin (BTC) to reverse the current course. Details of Trader Vays’ statements are on Kriptokoin.com.
Will Bitcoin survive the crisis?
As the cryptocurrency markets react negatively to global geopolitical instability, senior analyst Tone Vays analyzes what should shape up for the flagship cryptocurrency Bitcoin (BTC) to rise. In a recent statement, the famous analyst tells his followers that he envisions a three-month period in which the top crypto asset by market cap continues to form lows. Vays says that BTC will not reverse course until its weekly chart is above both its short-term moving average. Also, breaking above the previous high set by the last Bitcoin rally on February 10 is another requirement for BTC to reverse its course. The analyst says:
We are still in a downtrend. I want to give you a nice pink story about how we’re going to get to $100,000 with unicorns and rainbows, but the charts don’t confirm that yet. Sorry… The weekly chart needs to break above the short-term moving average and break above the previous rise [$44,000]. Until we do, we are currently in a quarterly trend to [set] lower highs and lower lows…I will not be bullish on Bitcoin until this pattern is broken.
When will the upside be in BTC?
Evaluating the monthly chart, the analyst says that when he looks at the monthly chart, Bitcoin has managed to recover the diagonal support of a large ascending triangle. “We are back inside the triangle,” Vays said. We are at critical lows below this moving average that could close the month.” Earlier this week, Vays predicted that Bitcoin would eventually break out of the triangle and hit all-time highs. Vays says:
In a world of inflation, a world of tyrannical governments that confiscate your money, Bitcoin will eventually rise above this double hill and with vengeance it will rise to the top of the double hill. Keep in mind that the longer Bitcoin stays below $65,000, the more violent the upward move will be. To me, that’s pretty much true. When it will be? I do not know.
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