The hype surrounding Bitcoin this year continues to grow with multiple analysts and crypto industry experts making bold predictions about the digital asset. Much has been made about the cryptocurrency’s long term prospects following its bullish start to the New Year in which the asset surpassed the $10,000 mark.
Now, Tone Vays, a seasoned trader has joined the Bitcoin future prediction bandwagon by offering his perspective through a discussion on his Youtube trading channel with crypto market analyst Filbfilb. Vays stated that he expects the current Bitcoin Bull Run to last for three years and hit a high price of $45,000. According to Vays, Bitcoin’s outlook seems positive and as such he is confident that it will sustain its ongoing upward trend.
Vays and Filbfilb also offered some insights on Bitcoin’s short term outlook based on the different indicators and market analysis styles they use. Vays observed that the cryptocurrency’s weekly action is quite bullish as it has broken through various resistance levels to maintain its upward momentum. However, he was quick to caution investors against the daily time frame which he considers to be less bullish. According to Vays’, the Bitcoin upward momentum is slowing down pointing to a possible correction in the short term before the price reverts to its uptrend prior to the halving event. He opined that this duration is a no-trade zone especially for day traders. Rather, he considers this as an appropriate time to open long positions in anticipation of a price breakout.
Filbfilb expressed similarly bullish sentiments as Vays predicting that Bitcoin will remain on an upward trajectory and reach new highs in the long term. But, he cautioned investors that the digital asset will be faced with some resistance as it attempts to overcome the reigning impacts of the 2018-2019 bear market. Filbfilb stated that he anticipates strong resistance at the 61.8% Fibonacci retracement level as the cryptocurrency has not closed above $11,500 since January 2018. He believes that if Bitcoin overcomes this resistance and crosses past the $11,500 mark, it will stay on an upward trend and hit $15,500 before retracing back to $11,000. On inquiry about his prediction of the ultimate high Bitcoin price in the next 2 years Flibflib said
I think we’re going to struggle to get past $60K. I think that $60K will be a really really troublesome level to get across. I’ll certainly be looking to book some serious profits at that point. Trying to go above $50K to $60K at this point would be a little bit foolish.
These predictions follow in the path of other largely bullish forecasts about the Bitcoin price pointing to a potentially exciting couple of years ahead for Bitcoin investors.
Image courtesy of Pixabay
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