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Tone Vays Says He’s ‘Very Bullish’ on Bitcoin – Here’s What It Will Take to Push BTC Toward All-Time Highs

September 24, 2020

Despite the big pullback, Wall Street veteran and crypto analyst Tone Vays says he remains bullish on Bitcoin.

In a new Market Pulse video, Vays says the longer Bitcoin stays above $10,000 the more optimistic he will become. 

“If you zoom out a little bit, consistency in the $10,000 range is significantly bullish from the $4,000 low. So the longer we stay above $10,000, the more bullish we are and the more likely we are to break out above $12,000. And once we break out above $12,000, sky’s the limit basically. I’m very bullish on Bitcoin overall right now.”

Although he’s optimistic, Vays says that he’s looking to see if BTC can remain above $10,300. If it loses its footing and slips below $10,000, Vays says $9,000 is next, and he’s prepared to double down at that level.

“This $10,300 area is very critical. If we go below $10,300 one more time, the floor can really drop under Bitcoin. And if it falls below $10,000, then I say $9,000 is very, very likely.”

As for the S&P, which has been highly correlated with Bitcoin throughout 2020, Vays says it has bounced off a very critical support at $3,229. 

“I like to become bearish on the S&P if we go below the 3,270 and 3,265 area, but if we get above 3,390 I become very bullish.”

At time of publishing, BTC down 1.84% at $10,303, according to CoinMarketCap. Meanwhile, the S&P 500 is down 2.37% at 3,236.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.