Popular Wall Street Veteran and Crypto analyst Tone Vays, has expressed his opinion on Bitcoin’s price and the possibility of a huge correction around the corner.
In a new live stream, strategy session on his Youtube channel, tells his viewers’ Bitcoin will start to rally back up now, and he is fully bullish on it, but it could face a correction later.
The analyst says the momentum reverse indicator (MRI) is hinting at signs that Bitcoin has bottomed out. MRI is a trend predictor based on price momentum.
“The current candle is looking very promising. That is a beautiful reversal candle even though I like seeing more candles of a trend before considering reversal candles but that is still a nice candle. We have already reset the MRI count so we will have a brand new MRI count to the upside if this thing keeps going.
He believes, for now, the currency has made it past the correction phase, and now it’s time for the largest cryptocurrency to skyrocket to a $72000 all-time high in weeks to come.
The new all-time high will be followed by a bigger correction he says.
“If we do close this week at or right near a new weekly closing high, we are back on track for the third consecutive MRI top. Once this third consecutive weekly MRI top comes into play, I believe a bigger correction will follow. It would be awesome if this weekly MRI top in two and a half weeks would coincide with a fresh new daily MRI top.”
He further says, he will only get concerned about his bullish stance on Bitcoin, if corrections happen for more than 4 days, because then it will mean the token is closing below the moving averages, and that can be alarming.