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Bitcoin [BTC] prices are likely to go higher since consolidation was witnessed at a high, claims Tone Vays

Biraajmaan Tamuly

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Bitcoin [BTC] prices are likely to go higher since consolidation was witnessed at a high, claims Tone Vays
Source: Pixabay

The cryptocurrency community was left in confusion and exhilaration over the past few days after Bitcoin [BTC] pumped again and the valuation breached $8000.

While many analysts were left uncertain and hesitant, Tone Vays, Bitcoin proponent and analyst, stated that he did not trust the current Bitcoin rally from a fundamental perspective, since he did not have any idea about what was behind the price hike.

He said,

“There is absolutely nothing fundamentally changed in Bitcoin. Do I think Bitcoin will reach $100,000 a coin? Yes! Do I think it will happen tomorrow? No.”

Vays also suggested that traders needed to be cautious if they were going to chase the current rally. Vays considers the present market movement as a major bull run, stating that any kind of pullback which would mark a “secondary low.” Hence, the bull phase would be solidified more prominently.

According to his analysis, there were “potentially” three more weeks for a major price hike. The coming three weeks could be highly significant for Bitcoin and there was a chance, it might take the valuation of Bitcoin [BTC] somewhere close to its all-time high.

However, he cautioned that since Bitcoin [BTC] did not experience a 30 to 40 percent pullback and the price consolidated above the range of $7000, the natural characteristics of a trend were also likely to face a drop.



Finally, Tone Vays added that in the current scenario, Bitcoin [BTC] was consolidating above the $8000 valuation which indicated that if there was consistent consolidation at a high, the probability of prices going up was likely to grow higher. He stated that once Bitcoin [BTC] breached the $7400 resistance, the next major resistance was at $9942.

Additionally, he added that the consolidation of prices at a higher level will further dictate where the market was heading in the long term, as other than that, no other fundamental changes were relevant.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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