Veteran analyst Tone Vays believes Bitcoin (BTC) is gearing up for a major breakout in the next few weeks.
In a new price action update, Vays tells his 114,000 YouTube subscribers that he thinks the next short-term target for BTC is $52,000. If and when the top cryptocurrency reaches that level, he expects fireworks.
“I continue to believe that once we break the $52,000 high, we will go up very quickly to the $65,000 high. We will then probably have a little bit of a pullback to the low $50,000 range, and then have a monster breakout that accelerates like gasoline on a fire the moment we go above $65,000.”
Vays notes that Bitcoin recently had a “golden cross,” which is when a short-term moving average crosses above a long-term moving average. The technical pattern is often viewed as an indication that a breakout may be on the horizon.
“We did get the golden cross. And I believe that in the next week or so, we’ll be back above all the moving averages and approaching new swing highs, and then new all-time highs.”
As for key levels to watch, Vays is paying attention to $41,000 as a crucial support level to hold.
“I believe there is a greater than 50% probability that this low [$40,238] will hold, and also this low [$41,677]. I believe that we are about to trend up, and I know I am wrong if the price of Bitcoin goes below [$41,000]…
As long as Bitcoin stays above $41,000 tonight, and especially if Bitcoin can rally above the swing high at $43,500, I remain very, very bullish.”
At the time of writing, Bitcoin is trading at $43,188 according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong