Seasoned trader Tone Vays believes that Bitcoin’s (BTC) recent correction is setting up the crypto king for an extended bull cycle.
In a new strategy session, Vays told his 123,000 YouTube subscribers that Bitcoin’s current consolidation is a sign that BTC is likely following a path leading to an extended bull market.
In March, Vays predicted that Bitcoin could witness a parabolic rally to $60,000 this year and top $200,000 sometime in 2025 or continue to consolidate for the rest of the year before rallying towards his higher target which is $300,000.
According to Vays, Bitcoin is now clearly showing that it wants to go through a prolonged bull market that could push the crypto king as high as $300,000.
“We are constantly consolidating. It continues to disappoint. I became a Bitcoiner, and it is very clear that Bitcoin is choosing the purple path.
I have two paths for Bitcoin. One is a little more bullish with a lower top ($200,000), and the other is a little more bearish with a higher top ($300,000) a little further out in time.”
As for his near-term view on BTC, Vays previously said that Bitcoin is likely to rally to $34,000 due to the fact that the split is less than a year away.
“The probability of a random swing to the upside where we go straight to $34,000 is higher than a random crash to the downside where we reach $22,000.
It’s like we’re sitting here at $27,000 so to get to $34,000 that’s $7,000… to go down $5,000.
I think plus $7,000 is more likely than down $5,000 from here. I think the downside is very limited, very limited.
At the time of writing, Bitcoin is trading at $27,249.
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