Here’s another bullish prediction about the price of Bitcoin – this one is revealed by the famous Tone Vays who just released a pretty interesting video on YouTube.
The popular trader and crypto analyst says that Bitcoin (BTC) is headed towards $120,000 and reveals when he thinks the king coin will get there.
BTC to see a pullback before the grand leap
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $64,650.86.
In a new video, he explains 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,’ he said as cited by the Daily Hodl.
He continued and said: “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,” Vy+ays believes.
While Vays is short-term bullish on Bitcoin, it’s also important to note that he is expecting a major pullback before BTC 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…” he said.
He’s expecting a pullback in the next 3 to 5 weeks. Check out the video above for more info.