Veteran trader and crypto analyst Tone Vays says that Bitcoin (BTC) is headed towards $120,000 and reveals when he thinks the flagship cryptocurrency can get there.
In a new video, Vays tells his 105,000 YouTube subscribers why he thinks Bitcoin is close to hitting his bullish near-term price target of around $80,000.
“Bitcoin is currently at a brand new weekly all-time high. This is absolutely incredible. We have not broken the all-time high yet on a swing top that was $61,769 and the swing top last night was $61,200, but the close is so important. It is so incredibly important. I know it’s a 24/7 market, but I’m a traditional TA (technical analysis) guy and to me, it is all about the close and the weekly close being at a new all-time high makes me really, really bullish. I believe we are going to come close to hitting this target.
I know my target is in the low $80,000 range… I would be happy exiting my trades in the mid $70,000 range and the slower we get there, the more bullish I’ll remain. The faster we get there, the more I’ll be looking for a crash.”
While Vays is short-term bullish on Bitcoin, he expects a major pullback before the world’s leading crypto asset can do a giant leap.
“I am now looking for six more weeks of upside. Can we get to $120,000? Can we double in price over the next six weeks? Yes. Am I anticipating a doubling of the price over the next six weeks? I’m going to say no…
I think sometime in the next four to five weeks, we will reach a top and begin a more critical pullback.”
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