Bitcoin's Price Must Move Past Key Lines Before Moving to Meet $100,000 Prediction, Crypto Analyst Says

  • Crypto analyst Tone Vays says bitcoin could reach $9000 in the short term.
  • Vays anticipates BTC meeting strong resistance at $8000.

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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