Veteran trader Tone Vays says Bitcoin is now in the process of targeting $100,000 within the coming months.
In a new strategy session, Vays predicts a repeat of Bitcoin’s sizeable rally from late July to early September where BTC surged from $32,000 to $52,000.
Based on his trademark momentum reversal indicator (MRI), the seasoned crypto trader expects strong rallies for BTC before hitting resistance just above all-time highs around $68,000.
“I’m probably going to expect a repeat of this situation, and if we make a repeat of that situation, that takes us right into a new all-time high at $68,000 or maybe a little bit less. We will probably have significant resistance at the MRI resistance line and after getting stuck there, probably into November, maybe as late as mid-November, I then expect a huge breakout from this area $(68,000) into the $100,000 area into end of year or through the end of year into January-February. Either way, these are my targets. I remain very bullish right now.”
Vays says he sees Bitcoin threatening to take out its all-time highs potentially early next month before making a parabolic move into the six-figure price range by the time 2022 rolls around. He posits that BTC could explode in October the same way it did in 2013.
“Just like before, in early October or mid-October, I expect us to start challenging the prior all-time highs and then a huge run-up at the end of the year. Like mid-October into late December, I’m expecting us to go from that $65,000 all the way to $100,000. That is still my target.”
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