Like any major cryptocurrency movement, the bitcoin (BTC) rally seen over the past week has caught the attention of analysts. While some experts were quick to predict a bullish trend for the queen of cryptos after this rebound, others think it will take even more for us to truly witness a bull market. This is the case of trader Tone Vays who scrutinized the movements of the flagship cryptocurrency and predicted different scenarios prior to a bullish trend in bitcoin (BTC).
Downtrend still ongoing despite rebound
Did bitcoin’s rebound late last week signal the end of the bear market for the queen of cryptocurrencies? Obviously, the answer is no for Tone Vays. The trader who enjoys great notoriety shared his analysis with its 123,000 subscribers on YouTube during a live. And, according to him, the downtrend continues despite this significant upward movement.
He says, “Yes, it’s a nice rally, but this nice rally doesn’t equate to a bullish weekly chart. It’s just not very bullish… Price still seems in a bearish posture even with this rally and the same on the daily (chart). It’s good. »
It’s going to take longer to trigger an uptrend
For Tone Vays, it will take much more than a rebound in bitcoin for the bull market to begin to take shape. He says, “It’s a nice rally, but it hasn’t done anything like it from a technical analysis standpoint other than bouncing off the support at $25,000. It hasn’t shown any bullish signs yet and we need to break above $27,000 to show it”.
According to Tone Vays, bigger upward moves need to happen before the bull market starts to take shape. “It has rallied to resistance, so let’s see if it can break out against both moving averages. We will have to break the two moving averages. We will have to get out of this channel,” he said.
He continues, “Bitcoin (BTC) really needs to break above $27,000 for me to take the bullish case seriously. In fact, it may even take breaking the previous swing, which is $28,000, for me to take the bitcoin (BTC) bull market seriously.”
At the time of writing, bitcoin (BTC) is worth $26,524. The queen of cryptocurrencies recorded with a drop of 0.58% in the last 24 hours. A downtrend that is coming to an end according to many analysts. Among these is the economist Alex Krüger who announced a bull cycle for bitcoin (BTC) in the coming weeks.
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