Experienced trader and analyst Tone Vays has indicated a possible extreme bullish turn for Bitcoin (BTC) if it sustains its upward momentum and breaks above the highest level of the past two years. Vays suggests that surpassing a certain price threshold could trigger a significant Fear of Missing Out (FOMO) event, leading to an anticipated major surge in Bitcoin’s value.
In a personal YouTube channel analysis, Vays emphasized that Bitcoin crossing the $50,000 mark would signal a move to the highest level in two years, potentially setting the stage for a revisit to its all-time high around $69,000. He believes that once Bitcoin exceeds $50,000, the only remaining peak to overcome would be its all-time high, which could unleash the ultimate FOMO and prompt a rapid price increase due to hurried purchase decisions.
At the time of the report, Bitcoin was trading below $43,000, at $42,861. Vays’ prediction, if realized, could pave the way for a broader market rally, including significant movements in altcoins.
Vays also mentioned that Bitcoin is likely to continue its trajectory without a significant correction, drawing parallels to the market behavior before and after the third block reward halving. He argues that the absence of major obstacles ahead for Bitcoin reduces the likelihood of a substantial pullback, contrary to some predictions.
The analyst referred to a “double top” pattern, which typically signifies an impending downturn, but noted that Bitcoin has historically broken through such patterns to achieve new highs. He recalled the double tops formed in the summers of 2019 and 2020, which, once surpassed, left the previous all-time high as the only potential barrier before Bitcoin continued its ascent.
Vays’ insights highlight the importance of the double top formation as an indicator, but also suggest Bitcoin’s potential to defy expectations and reach new peaks if it can break through key resistance levels.