Experienced cryptocurrency analyst Tone Vays said that after Bitcoin suddenly rose above $ 11,000, it could be on its way to reach the all-time high. However, for this, another bullish technical signal should flash.
Bitcoin (BTC) Rally This Time Is Different
Analyst argued that Bitcoin’s rising market domination is ready to start a steady uptrend that is different from the crypto king’s fast-ending parabolic rally in 2019:
“As long as this trend continues, I am very hopeful about Bitcoin. I think Bitcoin will be pulled back to $ 10,000. After that, just like gold, it can quickly rise to its all-time high. I am still feeling very bullish in Bitcoin. I do not touch my HODL position.
I was breaking my HODL position in 2019 because I didn’t trust the $ 14,000 rally. However, I believe that this rally will continue. Now I am on the rise much more than I was at the beginning of 2019. ”
The $ 10,000 Level Is Very Important
In order for the Bitcoin bulls to dominate the market, Vays says he must hold a very important line of $ 10,000.
“There is a need for complete defense above the trend line. This is a beginning. This candle seems to start and end above the trend line. This is the first step in breaking a continuous trendline.
We broke the trend line. Can we continue? This is a very good start. We don’t have to stay on it for weeks. If this candle closes over $ 10,000 on a weekly scale, that’s enough for me. ”