A seasoned crypto trader says he can almost guarantee the start of a new bull market if Bitcoin (BTC) hits certain price targets.
In a new strategy session, Tone Vays walks his 123,000 YouTube subscribers through a scenario showing how Bitcoin bulls could effectively end the one-year bear market.
According to Vays, BTC bulls need to push the price of the crypto king to its November all-time high to have a very good chance of triggering a new bull market.
“I want to see a move to just under $23,000. If we get rejected, we have to withhold $19,000 from the rejection, then we have to come back and start disputing $23,000. This tells me with about 95% to 98% certainty that the bull market has started. Until we have this situation, I am not 95% certain that the bull market has started. »
The crypto trader who accurately called BTC’s 2018 crash is also open to the idea that Bitcoin could see another sell-off event. However, he points out that BTC will likely immediately start a new bullish rally after traders capitulate.
“Another scenario is if we fall to $11,000 or lower. I think the bull market will start immediately after that, because I just don’t think Bitcoin can go any lower. So those are my two ultimate scenarios.
Either way, Vays expects Bitcoin to hit the $23,000 price level later this year or early 2023.
At the time of writing, Bitcoin is trading at $16,651, a fractional increase on the day.
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Feature image: Shutterstock/Philipp Tur
