Analyst Tone Vays Draws Key Levels For Bitcoin To Launch Huge Rally

According to a crypto analyst and trader, Tone Vays, Bitcoin (BTC) has a good chance of starting a massive bull run, if it can push through above $52,000.

In a recent video update, Vays shared with his 120K YouTube subscribers that the BTC charts are looking good at the moment. However, there are key resistance levels that the trader identifies as important in order for Bitcoin to move to higher levels.

Bitcoin is closing in to trigger a bullish signal on the Lucid SAR, a variation of the Parabolic SAR, a directional trend indicator, Vays notes.

“Weekly chart, this is looking good. We still have a long way to go until the end of the week.

I am hopeful that anywhere above current flows, I am bullish into next week. And if we’re bullish next week, we’re going to probably break the Lucid SAR.

That is like domino number three or four, and then the final two dominoes would be breaking these moving averages (~$43,500 and ~$46,500) and going above them.”

According to Vays, $52,000 is a a massively important level that if claimed, could be the trigger for a huge BTC rally.

“You can see how the $52,000 area is my moon zone. I’m expecting a huge move to the upside above this line.

That is my line. I don’t need to wait for a new all-time high.”

However, if Bitcoin gets rejected before reaching the target level, it would mean a pull back down to $36K.

“If we get rejected at the moving average and then fall down without breaking this low (~$36,000), the line would move to go in above that new established high.”

At the time of writing, BTC is trading at $44,039, up 1.25% on the daily chart.