Bitcoin Price Bull Run can last 3 years with $ 45K Top, says Tone Vays

5 min read

Today, the popular market analyst and Cointelegraph employee filbfilb has become a member of the experienced trader Tone Vays on his YouTube trade channel. During the discussion, each trader discussed his long-term view of Bitcoin's price (BTC) promotion, along with the various trade indicators and styles they use.

According to Vays, Bitcoin's price action on the weekly schedule remains highly bullish as Bitcoin broke through several resistance levels and is still at six on the TD Sequential indicator, which is preferred by Vays.

BTC USD weekly chart. Source: TradingView

Vays also pointed out that Bitcoin was above a critical downward trend line at the Fibonacci retracement level of 0.32% at $ 9,770.55. However, the experienced trader warned investors that in his opinion the daily time frame is less bullish.

According to Vays, the recent notch of a nine on the TD Sequential indicator and the slowing momentum in Bitcoins price tip that a candle correction of one to four could occur before Bitcoin goes higher before the event halfway.

Vays believes that Bitcoin is currently in a non-trade zone on a daily basis because it is bearish in the short term. From a Vays point of view, opening a long position with a breakout above $ 10,400, $ 10,450 would be a safer trader.

Alternatively, the price would fall back to $ 10,000, then acquisitions for long positions in the $ 9,500 range would be ideal.

Filbfilb talks about Bitcoin, mining and price action

According to filbfilb, Bitcoin recently left its re-accumulation phase when it pierced the $ 9K resistance. filbfilb expects that Bitcoin will eventually burn out the $ 9,500 to $ 11,000 zone, but the digital asset is expected to have some pushback on the long-term falling resistance and the bear market control point 2018-2019.

The market analyst also points out that Bitcoin has reclaimed the Fibonacci retracement level of 50% over the broader timeframe (weekly), but he also expects the 61.8% level to serve as significant resistance since Bitcoin has not been above the $ 11.5K is closed.

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Filbfilb is overwhelmingly optimistic about Bitcoin's long-term perspectives and points out that the digital asset is above every major level of the volume-weighted moving averages on multiple time frames.

Filbfilb believes that if Bitcoin can overcome the $ 11,500, it can run all the way to the 78.6% Fibonacci retracement level at $ 15,500 before it encounters resistance and withdraws to $ 11,000.

In the short term, filbfilb believes it would not be unreasonable for the Bitcoin price to bounce off the $ 9,500 area, but if this were to happen, it would not negate its bullish stance.

When asked whether to fail to score $ 11,000 before halving, filbfilb said:

"I'm sure we're trying $ 11,000, but it may take a little longer before we get through than I expected."

The increasing interest in Bitcoin futures is telling

To support its long-term bullish position, filbfilb explained that the CME Bitcoin Futures were the ultimate story about where the market is going. He points to the strong and steady increase in futures trading volume and the on-balance volume (OBV) indicator, which continues to push to higher heights.

Bitcoin CME Futures weekly chart

Bitcoin CME Futures weekly chart. Source: TradingView

This shows that larger holders and possibly institutional investors are closely involved with Bitcoin. A steady increase in open interest (OI) and the futures premium on Bitcoin contracts also show that larger hands are bullish about Bitcoin's future prospects.

CME Bitcoin Futures Total Open Interest & Volumes chart

CME Bitcoin Futures Total Open Interest & Volumes chart. Source: TradingView

When asked about this pre-halve price target expectation filbfilb said placing a new high above 2019 at $ 15 to $ 16K would be great. Vays then intervened that the current bull market is likely to last three years when the pre-half and post-half-time frames are included.

That said, Vays asked filbfilb to give his "ultimate" Bitcoin of all time high price for the next 2 years. Filbfilb responded with:

"I think we will make an effort to get past $ 60K. I think that $ 60K will really be a very difficult level to transfer. I am definitely going to make some serious gains at the time. Trying to get over $ right now Going from 50K to $ 60K would be a bit silly. "

Towards the end of the interview, Vays took questions from the live audience and a viewer asked if it is a good time to buy Bitcoin or should you wait until the next sharp correction. Filbfilb responded profoundly and added this as taking away the discussion:

“The open interest in the entire market is increasing and this is a good thing. In general, the market looks good and healthy for me. I think it makes no sense to try to wait for some sort of pre-halving pump because, in my opinion, we are already half done with it. "

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Don Bradman

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