The price of Bitcoin had been rising steadily during the previous week and according to a well-known cryptocurrency analyst, Bitcoin (BTC) likely hit the bottom months ago, and an uptrend is now in the initial stages. Cryptocurrency analyst Tone Vays said in a new video that technical indicators are aligning for a potential Bitcoin explosion.
Bitcoin’s price likely reached its lowest point in November 2022, when it was at $15,000, according to Vays. The seasoned trader adds that the most recent price drop into the $19,000 level was a secondary pullback and a temporary trend reversal brought on by the BTC bears
But, he also observes that given the bankruptcy of Silicon Valley Bank and Silvergate Bank, the king cryptocurrency is likely to continue climbing.
“Now if you’re sitting in on a lot of Bitcoin, you may be praying for a bank run to make Bitcoin go up faster. But you shouldn’t be, because Bitcoin is going to go up anyway. This is bad enough news to make people want to buy more Bitcoin, and it’s happening in a cycle of Bitcoin where it very likely has already bottomed. And it’s happening in its giant four-year cycle with the halving looming less than a year away.”
Talking about the much-awaited Halving event, Vays said that the earnings for Bitcoin miners will be cut in half during the scheduled Bitcoin halving in February 2024. He also predicts that the Bitcoin rally should take out its immediate resistance at $25,000.
“We back-tested [$19,000], but now we need to break this [$25,000]. Once we break all this resistance, I become incredibly bullish on Bitcoin to at least this $30,000 to $35,000 area.”
With its fourth straight day of gains, Bitcoin increased 9.6% to $26,533, its highest level since June 2022. The increase was recorded at the same time as the United States Department of Labor’s newest Consumer Price Index (CPI) data for February 2023.