Bitcoin, according to veteran trader Tone Vays, is now on track to reach $100,000 in the coming months.
Vays anticipates a repetition of Bitcoin’s large gain from late July to early September, when BTC rose from $32,000 to $52,000, in a new strategy session. The seasoned crypto trader forecasts big rallies for BTC before hitting resistance just above all-time highs around $68,000, based on his signature momentum reversal indicator (MRI).
“I predict a replay of this circumstance, and if we do, we’ll be on our way to a new all-time high of $68,000 or possibly a little less. We’ll most likely face strong resistance at the MRI resistance line, and after getting stuck there into November, possibly as late as mid-November, I predict a massive breakout from this position $(68,000) into the $100,000 area by the end of the year or early in January-February. In any case, these are my objectives. “Right now, I’m really bullish.”
Vays believes Bitcoin will threaten to break out of its all-time highs early next month, before launching a parabolic run into the six-figure price range by the year 2022. He believes BTC will skyrocket in October, just like it did in 2013.
“Like before, I expect us to begin challenging prior all-time highs around early October or mid-October, followed by a massive run-up towards the conclusion of the year. I expect us to go from $65,000 to $100,000 between mid-October and late December.