Veteran Trader Tone Vays Says ‘Gorgeous’ Pattern Likely Leading to Bitcoin Breakout – Here’s His Target

Veteran crypto trader Tone Vays says Bitcoin (BTC) is forming a bullish pattern that could trigger a significant breakout.

In a new strategy session, the seasoned analyst tells According to its 123,000 YouTube subscribers, Bitcoin could soon rise by around 10% from current prices.

Vays says Bitcoin is printing a bullish price pattern on the four-hour chart as it consolidates within a very clean channel between around $34,858 and $33,701.

“[On the] four o’clock [chart]As long as it doesn’t cross $33,500, it’s bullish. And now we can actually place a channel. [This is a] beautiful canal. We are now in the middle of the canal. We will most likely break out upwards. Let’s see how long it lasts. This is more likely to be a breakout than a slump. It doesn’t have to break out. Technically it could go either way.”

The trader gives a “reasonable target” of an eight to 10 percent rally once the breakout is confirmed

Vays also says that if Bitcoin pulls back, it could bottom before the $30,000 mark, where several major moving averages are likely to provide support.

“This is a monster area of ​​support [at $28,000]. I love this support area. It would be surprising if Bitcoin’s price reached this support area. But the longer it goes on, the more moving averages go up. So if it eventually pulls back… it might only go to $31,000. Let’s see how quickly these moving averages can rise.”

Bitcoin is trading at $34,368 at the time of writing.

Generated image: Midjourney

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