Crypto analyst and derivatives trader Tone Vays, in his recent YouTube video, threw light on the potential of the leading cryptocurrency Bitcoin (BTC), drawing insights from the trajectory of the cryptocurrency. The YouTuber shared his bullish thoughts on BTC, asserting that the following days would witness its uptrend.
In the video entitled “Huge Pop on Debt Ceiling Raise!!!” he pointed out his preference for a “breakouts”, positing that it’s the time for Bitcoin to rise to “new highs”. He highlighted the immediacy for the coin to surpass its immediate resistance level, signalling a stronger market and calling for a rally.
Notably, the analyst drew attention towards the strength of BTC to explode with new yearly highs once it reaches $30,000. He quoted:
We still have a little bit of time on a weekly scale until we go and make a new high. We need a few thousand more to go. We need to break $30,000, we need to flip the Lucid SAR, and then we’re going to run into some resistance here at $34,000. So at this point, $34,000 is my resistance, and we should accelerate higher above $30,000.
Currently, according to CoinMarketCap, BTC is trading at $28,001.84, up 0.31% in the past 24 hours. The 24 hour trading volume of the cryptocurrency is $12,924,208,574 while its market cap is $542,485,921,958.
Over the past few weeks, BTC is highly volatile with massive fluctuations in its prices, especially resulting from the uncertain conditions in the negotiation of the US debt ceiling. Not only BTC, but the other leading cryptocurrencies including ETH also exhibited downward trends; BTC fell by more than 7% while ETH by more than 3%.
Following the announcement of the budget agreement between President Joe Biden and the Republican member Kevin McCarthy, BTC started showing substantial growth. The positive inclination of the leading cryptocurrency has evoked hope in crypto enthusiasts including Vays.
