Monster Breakout is coming for Bitcoin, predicts veteran analyst Tone Vays

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Seasoned analyst Tone Vays believes Bitcoin (BTC) is gearing up for a major breakthrough in the coming weeks.

In a new price action update, Vays tells his 114,000 YouTube subscribers that he believes the next short-term target for BTC is $ 52,000. If and when the highest cryptocurrency reaches this level, it expects fireworks.

I still believe that once we get past the peak of $ 52,000, we will climb to the peak of $ 65,000 very quickly. We will then probably have a slight pullback towards the low end of $ 50,000, then a monster breakout that accelerates like gasoline on a fire as soon as we pass $ 65,000.

Vays notes that Bitcoin recently had a golden cross, which is when a short-term moving average exceeds a long-term moving average. The technical pattern is often taken as an indication that a breakout may be on the horizon.

We got the golden cross. And I believe in the next week or so, you’ll be back above all moving averages and approaching new swing highs, then new all-time highs.

As for the key levels to watch, Vays is paying attention to $ 41,000 as a crucial support level to maintain.

I believe there is more than a 50% chance that this low [$40,238] will hold, and also this stocking [$41,677]. I believe we are on the verge of going up, and I know I am wrong if the price of Bitcoin drops below [$41,000]…

As long as Bitcoin stays above $ 41,000 tonight, and especially if Bitcoin can climb back above the swing high at $ 43,500, I remain very, very bullish.

At the time of writing, Bitcoin is trading at $ 43,188 according to CoinGecko.

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