Tone Vays Claims Bitcoin Price Needs to Break 50-Week Moving Average to Reach $6,000 BTC/USD
The recognized trader and cryptocurrency expert Tone Vays explained how Bitcoin (BTC) will be able to surpass the $6,000 mark in the future. Bitcoin was able to reach $5,600 for a few hours on April 23, which is very positive for the digital currency. Meanwhile, other virtual currencies have operated negatively.
Tone Vays Talks About Bitcoin’s Future
Bitcoin enthusiasts are expecting the digital currency to surpass the $6,000 mark in the future, a very important value for the most popular digital asset. In 2018, the digital currency remained above $6,000 until it dropped down to $3,200 last December before the Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) hash war.
Vays explained that the weekly chart for Bitcoin seemed to be very bullish, which is very important for space. He mentioned that the bull trend is expected to continue in the future. The price of Bitcoin has not dropped substantially after this bull trend that started in April.
According to Vays, the weekly chart is bullish didn’t solidify and it could be impending a bull run. In the future, the declining 50-week moving average should reject the rising price. This is why the next week could be very important for Bitcoin if it is able to surpass the 50-week moving average. Bitcoin would have to break the 50-week MA and close above this level in order to break this level, which is close to $6,000.
At the same time, the $6,000 level has a lot of resistance from traders that didn’t sell back in November. This could be a good opportunity for those investors to capitulate when they were not able to do it in the past. However, if Bitcoin surpasses $6,000, it will be easier for the digital asset to keep growing.
Tone Vays informed that he would be bullish about Bitcoin is the digital currency surpassed $5,200 for more than 24 hours.
At the time of writing this article, Bitcoin is falling 1.05% in the last 24 hours. Nonetheless, Bitcoin has been one of the best-performing assets in the last 24 hours. Most of the virtual currencies among the top 100 are falling in the last 24 hours. Each Bitcoin can be purchased for $5,500 and it has a market capitalization of $97.31 billion according to CoinMarketCap.