Analyst Predicts BTC Breakout, Prolonged Rallies for Top Crypto Asset

March 27, 2023

Tone Vays, who has been trading for a long time, thinks that Bitcoin’s (BTC) current consolidation is preparing the king cryptocurrency for a soon-to-come breakout.

In a new strategy session, Vays tells his 123,000 YouTube subscribers that Bitcoin’s consolidation is good because it gives BTC a chance to catch its breath before continuing its trend.

He gives an example of how Bitcoin changed during the worst of the bear market last year. Vays says that Bitcoin slowed down for a while between May and June of 2022 before falling below the psychologically important level of $20,000.

“Consolidations tend to lead to continuations of trends… We saw that here [May 2022]. Consolidation after a big drop led to another big drop.”

Even though Vays gives a bearish example, he says that BTC is still in an uptrend as long as it stays between $27,500 and $28,500.

“So now we have a new range, and let’s see if we [are] now going to head to the top of the range. I’m optimistic here, and I think this consolidation is good, and the more time we spend between $27,500 and $28,500, the better the breakout is going to be [this] week.”

Vays says that Bitcoin’s technical indicators are flashing green when he looks at the monthly chart.

The trader said that the Chaikin Money Flow (CMF), which shows whether market participants are buying up an asset, has a lot of room to go up. He also says the same thing about the moving average convergence divergence (MACD) indicator, which shows when a trend is changing.

Vays says that the relative strength index (RSI), which is an indicator of momentum, is getting close to the “overbought” zone on a monthly timeframe.

“We are in a very interesting time in Bitcoin. Look at the monthly indicators. The basic monthly indicators – RSI, MACD and CMF – they’re super bullish. The RSI is getting a little overheated, but other than that, they’re super bullish.”