Tone Vays Predicts Incoming Bitcoin (BTC) Rally Based On A Bullish Signal
According to a popular crypto trader, Tone Vays, a specific Bitcoin (BTC) indicator that has often lead into crypto rallies is flashing bullish signs.
In a recent video, Vays shared with his YouTube channel’s 118K subscribers that the momentum reversal indicator (MRI), a signal that predicts the end of a trend based on price momentum, just appeared.
“I don’t have much bad news for you, the bad news took place in the prior two months. This is great news. Look, you have a weekly MRI buy. This is something we have not had in a long time, and they don’t come around that often.”
According to Vays, the last times this signal appeared was back in March 2021 and November 2020.
With MRI signaling incoming rallies, the trader remains bullish on BTC.
“I personally believe we are going to rally back into the triangle by the time this month is over. Can we go down to $35K before that? It’s possible. But I’m literally bullish right now. Can it dip further? Yeah, of course, it can dip further. It could dip down to $20,000.
Regrading probabilities, according to Vays the chances are good that Bitcoin will rally in the short-term or intermediate-term.
“We have to go all the way back to September 2014 to find an MRI buy candle that did not immediately rally the market in the short-term or the intermediate-term.
I’m going to take these odds.”
At the time of writing, Bitcoin is trading at $41,660 down 0.17% in the 24-hour chart.
