Popular crypto analyst Tone Vays said bitcoin could reach $9,000 in the short-term but will meet significant resistance in the $8,000 range., before taking off to potentially hit price predictions of $100,000.
Speaking in his most recent episode of Trading Bitcoin, Vays pointed to the TD Sequential indicator in bitcoin’s price charts, which predicts a potential breakout to $9,000 in the short-term.
However, Vays anticipates bitcoin meeting a strong “triple resistance” at the $8,000 price point.
He said:
The biggest reason why that’s a little too optimistic is this behemoth of triple resistance of the 128-day moving average, the 200-day moving average, and a Fibonacci 62% line [at $8,000]. That is a monster.
According to Vays, bitcoin reaching $9K will create a final hurdle of resistance at $9,500. He highlighted the work of anonymous crypto analyst PlanB and the application of stock-to-flow (S2F) to bitcoin’s price model.
Vays continued:
The moment we break above this red line [at $9K] PlanB is going to be right. And PlanB has some very optimistic targets.
PlanB’s recently updated S2F model, which now incorporates bitcoin phase transitions, predicts the price of BTC reaching $288,000 by 2024.
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