Tone Vays Predicts When Bitcoin (BTC) Price Is Going to Rally Above $10,000

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Fri, 01/31/2020 - 07:05
Alex Dovbnya
Tone Vays predicts that the Bitcoin (BTC) price could drop below $8,000 before a major rally
Cover image via tonevays.com
Contents

Former Wall Street trader Tone Vays is close to turning into a raging bull. For this to happen, Bitcoin (BTC) has to print a clear higher low and then surge above $10,000 on its way to a new higher high.         

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Bitcoin needs a pullback

Vays says that Bitcoin is yet to form a higher low after its mini-bear market. He predicts that BTC is going to get rejected somewhere above $9,700 (the 0.328 Fibonacci retracement level), which will be ideally followed by a pullback to no lower than the $7,900. This area is indicated by the blue line on the chart below. 

image by youtube.com

After that, Vays foresees that BTC could rally above $10,000, which would be enough to turn him into a bull "for the next four years."

"The market is very close to turning me into a bull for the next four years."           

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Tone Vays Says Bitcoin (BTC) Is Already 'Faster and Cheaper' Than Bitcoin Cash (BCH). Here's Why

The problem with 2019 

In 2019, Bitcoin skyrocketed to its yearly peak of $13,888 but this rally quickly faltered. Vays says that the problem was that the 2019 swing high was lower than the previous one. 

Vays is certain that the BTC price needs to close above $11,400 (the 0.236 Fibonacci retracement level) in order to break a prior swing high. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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