• Bitcoin’s price reached its lowest point in November 2022, when it was at $15,000.
• Cryptocurrency analyst Tone Vays predicts an uptrend for BTC and that the Bitcoin rally should take out its immediate resistance at $25,000.
• With its fourth straight day of gains, Bitcoin increased 9.6% to $26,533, its highest level since June 2022.
Bitcoin Price Analysis
The price of Bitcoin had been rising steadily during the previous week and according to a well-known cryptocurrency analyst, Bitcoin (BTC) likely hit the bottom months ago, and an uptrend is now in the initial stages.
Predictions By Cryptocurrency Analyst
Cryptocurrency analyst Tone Vays said in a new video that technical indicators are aligning for a potential Bitcoin explosion. He adds that the most recent price drop into the $19,000 level was a secondary pullback and a temporary trend reversal brought on by the BTC bears. But he also observes that given recent news about Silicon Valley Bank and Silvergate Bank bankruptcies, more people will be inclined to buy more Bitcoin.
Halving Event: What To Expect?
Vays said that the earnings for Bitcoin miners will be cut in half during the scheduled Bitcoin halving in February 2024. He also predicts that the Bitcoin rally should take out its immediate resistance at $25,000.
Bitcoin Hits Highest Level Since June 2022
With its fourth straight day of gains, Bitcoin increased 9.6% to $26,533—its highest level since June 2022—at the same time as the United States Department of Labor’s newest Consumer Price Index (CPI) data for February 2023.
„Breaking The Resistance“
„We back-tested [$19,000], but now we need to break this [$25,000]. Once we break all this resistance I become incredibly bullish on bitcoin to at least this $30k-$35k area.“ said Vays.