Tone Vays Lays Out Reasons To Remain Bullish On Bitcoin (BTC)

A veteran crypto trader, Tone Vays, has not changed his bullish stance on Bitcoin (BTC) regardless of BTC’s sharp retrace to $35,000 levels from its all-time high of $69,000.

In a recent video update, Vays shares with his 119K subscribers on YouTube that he’s still leaning towards the bullish direction when it comes to Bitcoin, and he believes that the leading digital asset has not yet entered bear zone.

“I believe in higher highs and higher lows, especially in a consolidating environment. So for me to admit that there’s a bear market, I need to break this low ($28,805).”

The trader also identifies reasons to remain positive, and why he is bullish on Bitcoin from a fundamental perspective.

“When we go up exponentially, it’s easier to call the start of a bear market. When you don’t go up exponentially [Bitcoin surge from $3,700 to $64,000], and this looks exponentially in absolute terms, but not in percentage terms. And also not based on what was happening in the general environment.

MicroStrategy is getting in. Tesla’s getting in. El Salvador accepting it as a reserve currency. These were very bullish macro signs.”

According to Vays, looking at Bitcoin’s market structure in the higher timeframe, the sentiment remains bullish and it’s likely for BTC to break 6-digits during this cycle.

“It did not give me the impression that this was the start of a bear market, and it wasn’t because we made a new high. And it’s so rare.

I will always make the bet that the breach of the prior swing high will take us all the way back up here [$100,000]. I will always make this bet.”