Veteran trader Tone Vays believes the recent Bitcoin (BTC) correction is setting the crypto king for an extended bull cycle.
In a new strategy session, Vays tells his 123,000 YouTube subscribers that Bitcoin’s current consolidation is a signal that BTC is likely on a path leading to an extended bull market.
In March, Vays predicted that Bitcoin could either witness a parabolic rally to $60,000 this year and reach $200,000 sometime in 2025, or continue to consolidate for the rest of the year before rising to its higher target of $300,000.
According to Vays, Bitcoin is now clearly showing that it wants to go through a prolonged bull market that could propel the crypto king to $300,000.
“We continue to consolidate. It remains frustrating. I’ve been a Bitcoiner and it’s very, very clear that Bitcoin chooses the purple path.
I have two paths for Bitcoin. One was a little more bullish with a lower high ($200,000), and the other was a little more bearish with a higher high ($300,000) a little further down the line.”
Regarding his near-term outlook for BTC, Vays previously said that Bitcoin is likely to rise to $34,000 due to the fact that the halving is less than a year away.
“The chance of a random flip to the upside where we go straight to $34,000 is much higher than a random crash to the bottom where we hit $22,000.
Like we’re at $27,000 here, so to get to $34,000 that’s $7,000… to go down $5,000.
I think plus $7,000 is much more likely than $5,000 from here. I just think the downside is very limited, very limited.”
At the time of writing, Bitcoin is trading at $27,249.
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Image generated: Midway through the journey
