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.
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.
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."
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.
Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!