Bitcoin’s Bullish Potential Amid Market Unrest
A respected crypto analyst, Tone Vays, recently illuminated the potential for a 50% rise in Bitcoin (BTC) value, due to its price positioning around the 100-day Moving Average (MA). During a live session on YouTube, Vays noted that the recent drop in Bitcoin’s value should not cause alarm among traders. He further mentioned that if BTC could surpass and maintain a price above $27,500, it would mark a return to a bullish market.
Vays previously addressed his audience of 123,000 subscribers, emphasizing that the SEC’s focus on exchanges would not cause lasting harm to Bitcoin. Interestingly, his predictions seemed accurate. Following an initial decline in BTC’s price after the announcement of the Binance lawsuit, Bitcoin rebounded above $27,000 when the SEC extended its investigations to include Coinbase.
Bitcoin’s Path to Upward Movement
At the time of reporting, Bitcoin has slightly retracted to $26,464. According to Vays, overcoming the series of false breakouts hinges on an increase in buying pressure at the $26,400 to $27,500 price level. “If we can cross the 100 MA and maintain the bullish sentiment on both the daily and four-day chart, we could see a potential price rebound,” Vays explains.
However, Bitcoin’s potential upswing is accompanied by certain bearish tendencies. Recent market fluctuations have led Bitcoin to lose support from $27,673 on May 29 to $25,515 on June 5. Data from the On-Balance-Volume (OBV) also point towards a bearish market structure.
An Ongoing Balancing Act
Amidst these fluctuations, Bitcoin experienced a false breakout at $27,343, indicating that traders need to remain vigilant in light of possible continuous downward movements. That said, an increase in the OBV could potentially turn the tide in favor of Bitcoin, aligning with Vays’ bullish projection.
Adding a twist to the market narrative, Lookonchain reported that a Bitcoin whale recently activated a 10-year-old wallet, transferring $37.8 million worth of Bitcoin to a different wallet. While there is no confirmation that the intention is to sell, such movement invariably fuels speculation, suggesting that Bitcoin could face additional downside pressure.
