Cryptocurrency experts like Tone Vays talk about what will happen with Bitcoin’s price in the short, medium and long term.
Market analyst Filbfilb recently joined Bitcoin trader Tone Vays on his YouTube channel. During the discussion, each trader talked about their long and short-term vision of the Bitcoin price action, among other things.
According to Vays, the weekly Bitcoin price action remains strongly bullish, since the main cryptocurrency passed through multiple resistance levels and remains at the sixth level in the TD Sequential indicator, which is expert’s favorite.
Vays also noted that he believes that the daily time frame is less bullish than it was a few days ago. Besides, he highlighted the slowdown in the momentum of Bitcoin’s price. This could imply a possible correction of one to four candlesticks before Bitcoin rises again.
The experienced trader stressed that Bitcoin’s trend will be bearish in the short term. In his opinion, opening a long position in a break above USD 10,450 would be a safer trade.
On the other hand, he said that, if the price were reduced to USD 10,000, then acquisitions for long positions in the USD 9,500 range would be the most suitable.
Bitcoin, Mining and Price Action
According to Filbfilb, Bitcoin has recently emerged from its re-accumulation phase, when it exceeded the USD 9,000 resistance. The cryptocurrency is expected to eventually surpass the area between USD 9,500 and USD 11,000, but it could suffer some setback in the long-term bearish resistance.
It should be mentioned that Filbfilb is overwhelmingly optimistic about Bitcoin’s long-term outlook and notes that the cryptocurrency is above all major levels of moving averages in multiple time frames.
The analyst believes that, in the short term, it would not be unreasonable for Bitcoin’s price to rebound in the region of USD 9,500. However, he would not invalidate his bullish point of view if it occurred.
Growing Interest in BTC Futures
Filbfilb explained that the Bitcoin Futures of CME (Chicago Mercantile Exchange) have been the catalyst for the direction of the market. He indicated the strong and constant increase in the volume of futures transactions and the on-balance volume (OBV) indicator that is still pushing towards higher highs.
This situation shows that big owners and possibly institutional investors are deeply involved with Bitcoin. A steady increase in open interest (OI) and the futures premium on Bitcoin contracts also show that the biggest hands feel raised over Bitcoin’s future prospects.
Vays commented that the current bullish market will probably last three years when considering the terms before and after Bitcoin’s halving or reduction by half.
Regarding whether now is a good time to buy Bitcoin or if it is better to wait until the next correction, Filbfilb believes that the market, in general, looks good and healthy. He also considers that it does not make any sense to try to be expecting some kind of bomb to occur. According to both experts, it is a good time to invest in Bitcoin.
By Alexander Salazar