27. February 2024

• Veteran trader Tone Vays believes that Bitcoin (BTC) is now in a position to resume its uptrend following weeks of consolidation.
• Vays tells his 122,00 YouTube subscribers that while Bitcoin is in a “buy-the-dip situation” he prefers it if BTC starts flashing signs of strength.
• According to the crypto strategist, Bitcoin’s outlook will be much improved if it manages to take out its immediate resistance and move above $30,000.

Bitcoin (BTC) Is Ready To Resume Uptrend: Veteran Trader Tone Vays

Veteran crypto trader Tone Vays has said that Bitcoin (BTC) is now in a position to resume its uptrend after a period of consolidation. In a recent strategy session for his 122,000 YouTube subscribers, Vays stated that he would prefer it if Bitcoin flashed signs of strength instead of being in a “buy-the-dip situation”.

Vays’ Target For BTC

Vays noted that Bitcoin’s outlook should improve significantly if it manages to break past its immediate resistance level and move above $30,000. He said that this should result in the cryptocurrency printing new yearly highs once it moves past this level. At the time of writing, Bitcoin was trading at $27,750.

Lucid SAR Indicator

The Lucid SAR indicator is a directional trend indicator which combines price and time to calculate trends and identify entry and exit points. It is a variation of the parabolic SAR indicator which helps traders understand when they should enter or exit positions within markets.

24 Hours Performance Of BTC

In the past 24 hours Bitcoin had dropped 1.5%, however over seven days it had risen 2.5%.

Conclusion

It remains to be seen whether or not these predictions from veteran trader Tone Vay hold true but investors are encouraged to do their own due diligence before investing any money into high risk assets such as cryptocurrencies or digital assets.