Seasoned trader Tone Vays believes that the recent Bitcoin (BTC) correction is setting up 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 following a path that leads to an extended bull market.
In March, Vays predicted that Bitcoin could either witness a parabolic rally to $60,000 this year and top out at $200,000 sometime in 2025 or continue to consolidate for the rest of the year before rallying toward his 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 as high as $300,000.
“We continue to consolidate. It’s continued to be frustrating. I’ve been a Bitcoiner, and it’s very, very clear that Bitcoin is choosing the purple path.
I have two paths for Bitcoin. One was a little more bullish with a lower top ($200,000), and the other was a little more bearish with a higher top ($300,000) a little further down in time.”
As for his near-term outlook on BTC, Vays previously said that Bitcoin will probably rally to $34,000 due to the fact that the halving is less than a year away.
“The probability of a random swing to the upside where we go straight to $34,000 is way higher than a random crash to the downside where we’re hitting $22,000.
Like we’re sitting here at $27,000 so to get to $34,000 that’s $7,000… to go down $5,000.
I think plus $7,000 is a lot more likely than down $5,000 from here. I just think the downside is very limited, very limited.”
At time of writing, Bitcoin is trading for $27,249.
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