Tone Vays, a well-known trader and analyst, has a pretty optimistic view on Bitcoin. He’s eyeing the crypto leader closely, especially if it surges past a critical two-year high. Speaking to his 123,000 followers on YouTube, Vays points out that if Bitcoin jumps over $48,222, it’s not just a new two-year record; it could be the start of something big.
Vays believes that surpassing this level could set the stage for Bitcoin to approach its highest ever price of around $69,000. He’s convinced that once Bitcoin stabilizes above $50,000, we’re going to see a wave of FOMO – Fear Of Missing Out. In his words, it’s not just any FOMO, but “the ultimate FOMO,” where everyone scrambles to get a piece of the action.
He also thinks that Bitcoin might not see a major drop soon, contrasting with some of the pullbacks seen in the past. Vays recalls how Bitcoin behaved after its third halving, hinting that a significant correction, like dropping below $35,000, seems less likely now. He reminisces about the 2019 and 2020 patterns, where Bitcoin twice hit a ceiling around $14,000-$15,000, before finally breaking through and surging past the then all-time high of $19,000.
For those not familiar, double tops are a technical term used in trading. It’s a pattern where an asset hits a high price, dips, and then climbs back to a similar high before falling again. It’s an important marker for analysts like Vays to predict future trends.
At the moment, Bitcoin is trading at $42,783. But if Vays’ predictions hold true, the crypto community might be in for an exciting ride.