Bitcoin Price Bull Run May Last 3 Years With $45K Top, Says Tone Vays

Published on by Cointele | Published on

Mentioned in this article
According to Vays, Bitcoin's price action on the weekly time frame remains strongly bullish as Bitcoin broke through multiple levels of resistance and is still on six on the TD Sequential indicator, which is favored by Vays.BTC USD weekly chart.

Vays also pointed out that Bitcoin pulled above a critical descending trendline at the 0.32% Fibonacci retracement level at $9,770.

According to Vays, the recent notch of a nine on the TD Sequential indicator and the slowing momentum in Bitcoin's price hint that a one to four candle correction could occur before Bitcoin moves higher before it halving event.

According to filbfilb, Bitcoin recently exited its reaccumulation phase when it blew through the $9K resistance.

The market analyst also points out that on the wider timeframe Bitcoin has reclaimed the 50% Fibonacci retracement level but he also anticipates that the 61.8% level will serve as significant resistance as Bitcoin hasn't closed above $11.5K since January 2018.BTC USD daily chart.

Over the short-term, filbfilb believes it wouldn't be unreasonable for Bitcoin price to bounce off the $9,500 area but if this were to occur it would not invalidate his bullish point of view.

To support his long term bullish point of view, filbfilb explained that the CME Bitcoin Futures have been the ultimate tell on where the market is headed.

A steady increase in open interest and the futures premium on Bitcoin contracts also show that larger hands are feeling bullish about Bitcoin's future prospects.

With that said, Vays asked filbfilb to give his "Ultimate" Bitcoin all-time high price for the next 2 years.

Towards the end of the interview, Vays took questions from the live audience and one viewer asked whether now is a good time to buy Bitcoin or should one wait until the next sharp correction.