Bitcoin Price Bull Run May Last 3 Years With $45K Top, Says Tone Vays


bitbond bitcoin lending

Today popular market analyst and Cointelegraph contributor filbfilb joined veteran trader Tone Vays on his YouTube trading channel. During the discussion, each trader discussed their long and short-term vision of Bitcoin’s price (BTC) action, along with the various trading indicators and styles they use. 

According to Vays, Bitcoin’s price action on the weekly time frame remains strongly bullish as Bitcoin broke through multiple levels of resistance and is still on six on the TD Sequential indicator, which is favored by Vays. 

BTC USD weekly chart

BTC USD weekly chart. Source: TradingView

Vays also pointed out that Bitcoin pulled above a critical descending trendline at the 0.32% Fibonacci retracement level at $9,770.55. However, the veteran trader cautioned investors as the daily time frame is less bullish in his opinion. 

According to Vays, the recent notch of a nine on the TD Sequential indicator and the slowing momentum in Bitcoin’s price hint that a one to four candle correction could occur before Bitcoin moves higher before it halving event. 

Vays believes that at the moment Bitcoin is in a no-trade zone on the daily timeframe as it is short-term bearish. From Vays’ point of view, opening a long position on a breakout above $10,400, $10,450 would be a safer trader. 

Alternatively, if the price pulled back to $10,000, then acquisitions for long positions in the $9,500 range would be ideal.

Filbfilb talks Bitcoin, mining and price action

According to filbfilb, Bitcoin recently exited its reaccumulation phase when it blew through the $9K resistance. filbfilb expects that Bitcoin will eventually burn through the $9,500 to $11,000 zone but the digital asset is expected to meet some pushback at the long term overhead descending resistance and the point-of-control from the 2018-2019 bear market. 

The market analyst also points out that on the wider timeframe (weekly) Bitcoin has reclaimed the 50% Fibonacci retracement level but he also anticipates that the 61.8% level will serve as significant resistance as Bitcoin hasn’t closed above $11.5K since January 2018. 

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Filbfilb is overwhelmingly bullish on Bitcoin’s long term prospects and points out that the digital asset is trending above every major level of the volume-weighted moving averages on multiple time frames. 

Filbfilb believes that if Bitcoin can overcome the $11,500 mark, it could run all the way to the 78.6% Fibonacci retracement level at $15,500 before encountering resistance and pulling back towards $11,000 again. 

Over the short-term, filbfilb believes it wouldn’t be unreasonable for Bitcoin price to bounce off the $9,500 area but if this were to occur it would not invalidate his bullish point of view. 

When asked if failure to notch $11,000 before the halving, filbfilb said:  

“I can definitely see us having a go at $11,000, but it may just take a little bit longer for us to get through than I expected.”  

Increasing interest in Bitcoin futures is the tell

To support his long term bullish point of view, filbfilb explained that the CME Bitcoin Futures have been the ultimate tell on where the market is headed. He points to the strong and steady increase in futures trading volume and the on-balance volume (OBV) indicator continuing to press into higher highs. 

Bitcoin CME Futures weekly chart

Bitcoin CME Futures weekly chart. Source: TradingView

This shows that larger holders 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 larger hands are feeling bullish about Bitcoin’s future prospects. 

CME Bitcoin Futures Total Open Interest & Volumes chart

CME Bitcoin Futures Total Open Interest & Volumes chart. Source: TradingView

When asked about this pre-halving price target expectation filbfilb said placing a new high higher than 2019 at $15 to $16K would be great. Vays then interjected that the current bull market is likely to last for three years when the pre-halving and post-halving timeframes are factored in. 

With that said, Vays asked filbfilb to give his “ultimate” Bitcoin all-time high price for the next 2 years. Filbfilb responded with:

“I think we’re going to struggle to get past $60K. I think that $60K will be a really really troublesome level to get across. I’ll certainly be looking to book some serious profits at that point. Trying to go above $50K to $60K at this point would be a little bit foolish.” 

Towards the end of the interview, Vays took questions from the live audience and one viewer asked whether now is a good time to buy Bitcoin or should one wait until the next sharp correction. Filbfilb responded in-depth and added this as the take away to the discussion: 

“The open interest across the whole of the market is going up and this is a good thing. Overall the market looks good and healthy for me. I don’t think there’s any point in trying to wait around for some sort of pre-halving pump because in my view we’re already halfway through it.”


Leave a Reply

Notify of

You may also like




bitbond bitcoin lending

Binance CEO Changpeng Zhao believes that the upcoming Bitcoin halving has not been priced in to the digital asset’s current price action. The reduction in miner rewards will increase the cost of mining each Bitcoin, meaning, miners are unlikely to sell below their cost of production. 

Bitcoin’s supply will decrease with the halving but its demand has also been increasing, creating a situation where prices are likely to driven higher. Although CZ’s statement can be interpreted as bullish, the CEO personally believes that Bitcoin’s price might gravitate around $10,000 levels for a few more days as round numbers are known to act as psychological barriers.  

The traded volumes in major cryptocurrencies have skyrocketed in the past year and this shows greater participation by the traders. Currently, Tether (USDT) is the most frequently traded crypto asset, followed by Bitcoin and Ether (ETH). Liquidity…

View More Article

Vitalik Buterin Reveals Ethereum 2.0 Roadmap to Cointelegraph


bitbond bitcoin lending

Ethereum co-founder Vitalik Buterin discussed plans for Ethereum 2.0 during an exclusive interview with Cointelegraph on Feb.19 at the Stanford Blockchain Conference. Buterin explained that the major development for ETH 2.0 over the course of this year is the launch of Phase 0. He said:

“Phase 0 is the first phase of the Ethereum 2.0 launch. This will release the proof-of-stake network, which will come online this year.”

While the official launch date of Phase 0 is still unknown, Buterin explained that Phase 0 is close to having a multi-client testnet and audits of the existing code. He noted:

“A lot of optimization is currently underway with Phase 0, which we will continue to refine over the next few months.”

Ethereum 2.0 roadmap

Following the launch of Phase 0, Buterin stated that ETH 2.0 will begin as an independent PoS network. He explained that the purpose behind this…

View More Article

Irish Drug Dealer Tells Police That Keys to $56M in Confiscated BTC Are Lost


bitbond bitcoin lending

Dubliner Clifton Collins, who was recently imprisoned for drug trafficking, claims that robbers took the keys to the $56 million in Bitcoin (BTC) Irish High Court had ruled should be confiscated.

After obtaining more than 6,000 BTC by 2017, Collins decided to insure himself against hackers by distributing the cryptocurrency across 12 newly created accounts. Thus, he transferred 500 BTC into each of them, the Irish Times reported on Feb. 21. As of press time, that would leave each wallet worth roughly $4.87 million.

A punishment for his own stupidity?

Collins then printed out the keys for all of his 12 BTC accounts onto a piece of paper, which he says he stored in an aluminium cap of his fishing rod case. This he stored in a house which he rented in County Galway, Ireland. However, when he was arrested for…

View More Article

Bitcoin’s Lightning Network Found More Centralized Than Expected by Researchers


bitbond bitcoin lending

The Lightning Network’s (LN) configuration is becoming increasingly centralized, with multiple hubs being formed. This is the finding of a yet-to-be-reviewed research paper, released on pre-print site arXiv on Feb. 7.

A team of academics from Switzerland, France, Italy and Canada authored the paper. Jian Hong-Lin and Kevin Primicerio conducted the analysis, while others, including Blockstream Inc. researcher Christian Decker, designed the research.

Core-periphery model

The team gathered Lightning Network information for a period of 18 months from Jan. 18, 2018 to July 13, 2019. Researchers then analyzed the payment network in terms of its node and wealth distribution.

They discovered that the network showed high Gini coefficients both in terms of node centralization and wealth distribution. Notably, the values were found to rise as more nodes were added.

The distributions of Bitcoin (BTC) across every node in the network was found to be extremely…

View More Article

Riot’s Stock Dips 5% as It Focuses on Bitcoin Mining Ahead of Halving


bitbond bitcoin lending

Riot Blockchain, a Nasdaq-listed crypto firm in the United States, plans to sell its exchange to focus on Bitcoin (BTC) mining ahead of the halving.

According to an official announcement on Feb. 20, Riot has “opted to sunset further development of Riot’s U.S.-based digital currency exchange” in order to focus on cryptocurrency mining as part of its updated strategic priorities for 2020.

Following the announcement to shift its focus on Bitcoin mining, the company’s shares dropped more than 5%, trading at $1.40 at press time, according to CNBC data.

Industry experts disagree on the potential price impact of May 2020 Bitcoin halving — an event which will decrease block rewards on the Bitcoin blockchain. Changpeng Zhao, the CEO of major crypto exchange Binance, recently predicted that, since miners will have to…

View More Article

Cyprus SEC Embraces Blockchain Despite Unregulated Status of Crypto


bitbond bitcoin lending

The Cyprus Securities and Exchange Commission (CySEC) recently published a report discussing the ongoing activities of its Innovation Hub — a cooperative entity that was launched in October 2018 as a platform for engagement between CySEC and entities operating in the fintech and regtech sectors. 

Nineteen different companies directly engage with the platform, nine of which comprised projects utilizing blockchain. Among these companies were several projects using distributed ledger technology (DLT) to transfer and verify ownership of financial instruments, trading facilities that operate using blockchain, and a venture capital fund investing in virtual currency startups.

The Hub is intended to facilitate knowledge-sharing between regulators and innovators, promote the development of regulations that foster innovation, and ensure compliance within dynamic and emerging tech industries. It also engages with third parties seeking to participate with emerging financial…

View More Article

Expert Says New Blockchain Regulation Should ‘Nudge’ Rather Than Push


bitbond bitcoin lending

Regulators should aim to influence public behavior rather than rule with an iron fist when it comes to emerging industries such as blockchain.

Two Israel-based academics, Hada Jabotinsky and Nassim Cohen argued this point in a new paper and accompanying brief, published to the University of Oxford Law Department blog on Feb. 21.

The paper proposes an approach that would result neither in an under-regulated free-for-all that leaves consumers vulnerable, nor in heavy-handed prohibitions that stifle technological progress.

Complex new technologies such as blockchain, cryptocurrencies, Internet of Things, and automated cars require ever higher levels of technological literacy. The paper states that, as the pace of innovation gathers speed, regulators struggle to grasp the implications of the products and inventions brought before them. 

What does a “nudge” involve?

The authors argue, “A nudge is ‘any aspect of the…

View More Article

Bitcoin Price Drop Mirrors Last Golden Cross Which Led to 170% Gains


bitbond bitcoin lending

Bitcoin (BTC) may not see a 170% increase after its fifth “golden cross” price event, historical data suggests as markets stay down 8%.

Analysis of price movements since 2009 shows Bitcoin has had a total of ten “golden cross” and “death cross” moments in its lifespan. 

BTC price dip challenges December 2017

A “golden cross” is when BTC/USD sees its 50-day moving average rise to cross over its 200-day moving average. A “death cross” is the opposite. 

As Cointelegraph reported, hopes are currently high that the most recent golden cross will spark an identical reaction to the previous one — a 170% price surge in just two months. 

Overall, however, two out of four golden crosses have resulted in gains, while the other two in fact saw price losses. Similarly, some death crosses were followed by price gains.

Bitcoin traders continue to dig for answers after BTC/USD abruptly dropped $1,000 in…

View More Article