Tone Vays: If Bitcoin Can Take Out One Key Resistance Level, It Will Break Out

According to a popular crypto trader, Tone Vays there is a key price level that will likely trigger breakout for Bitcoin’s next price uptick.

In a recent video, Vays tells his 115K YouTube subscribers that he originally thought Bitcoin (BTC) would pull back even further to about $54,000, but now it seems it will not happen.

The analyst points out that Bitcoin’s 128-day moving average is close to crossing above its 200-day moving average, which in theory would suggest more bullish price action in the medium to long term.

According to Vays another green daily close would put BTC very near $64,000, which is what he calls the “breakout line” for the king crypto. The resistance around $66,000 is not strong enough to hold off another rise, he says.

“That would get us very close to this line, and I’m using this line as the breakout line… If we can get above this line, I see very little probability that this top will hold, and once we get above this $64,000 line on a sustained basis or an end-of-close or a 24-hour average basis, I’m going to anticipate this top to fall in short order and up and up and up and up we go. So the daily chart, while neutral, is certainly leaning bullish.”

Just last month, Vays accurately called that Bitcoin would take out its all-time high in mid-October. As part of his prediction BTC would then grind its way up to the six-figure mark in late December.

“Just like before, in early October or mid-October, I expect us to start challenging the prior all-time highs and then a huge run-up at the end of the year.

Like mid-October into late December, I’m expecting us to go from that $65,000 all the way to $100,000. That is still my target.”