The top crypto analyst and investor, Tone Vays, has stressed what could be next for Bitcoin (BTC), the first and largest cryptocurrency by market capitalization, after the break above $15,000 resistance level.
In a new YouTube video, the Wall Street veteran said Bitcoin now has the potential to record a new price all-time high. Vays pointed at a key price area that would determine the trajectory of Bitcoin price in the coming week.
At the moment there is an obvious tussle between the bulls and bears as Bitcoin price hovers above $15,000 support, but Vays believes that the current momentum would send the price of the cryptocurrency to a new all-time high.
“$15,000 for the end of [the] week is my middle ground on whether I’m bullish into next week or whether I believe the pullback has begun.
“I can’t wait to start saying we just made a new all-time high, which is coming sooner than later by the way.”
Bitcoin (BTC) May Retrace but the Route to $17,000 is Still Clear
According to the veteran trader, Bitcoin (BTC) is likely to experience a short term correction, but the route to $17,000 is still clear:
“This looks like an amazing triangle where we have one touch here ($15,800), another touch here ($15,700), many touches here ($15,400)… If we get rejected later today at the $15,600 area, this sets us up for that pullback.
“Now I know all of the fundamental metrics known to man are bullish right now and I understand that. The weekly chart is bullish. One of my most important indicators, the funding rate… is favoring the bulls.
“This is unprecedented probably my most important fundamental metric and my most important fundamental metric is telling me that we are going higher okay. But I rather be safe than sorry…
“As long as this candle closes above $15,000 on the weekly, that’s a very bullish candle and it’s very possible we can hit $17,000 over the next three weeks. It could be tomorrow, of course, but over the next three weeks, between tomorrow and three weeks from now, it’s very possible we’re going to hit $17,000 or even higher if this week’s candle closes above $15,000.”