Bitcoin Stays Below $7K as Tone Vays Predicts Price Breakout in April
Bitcoin (BTC) began the day down 2% on April 4, but one trader remained confident in a bullish scenario unfolding next week.
Cryptocurrency market daily overview. Source: Coin360
Vays: I’ll buy BTC at $6,400
Data from Coin360 and Cointelegraph Markets showed BTC/USD failing to establish support at $7,000 as the weekend began.
On Friday, the pair returned to the $6,000 zone, hitting daily lows of $6,630 before a slight rebound to press time levels nearer $6,800.
Bitcoin 1-day price chart. Source: Coin360
Despite encouraging signs from investors, price momentum remained decidedly weak for Bitcoin, with bullish traders seeking a swift breakout being left disappointed.
For Tone Vays, however, the next fourteen days should see a bullish reversal for the weekly chart, which may also coincide with a daily chart breakout. The later in April that this happens, he argued, the better.
“I would love for this (ascending) triangle to get drawn out into as late April as humanly possible, while getting everyone frustrated that the breakout will never come — and then it comes,” he said in the latest episode of his Trading Bitcoin YouTube series.
“I will be accumulating Bitcoin in this vicinity of $6,300-$6,400, and then again at the breakout level if we get there. We could break out tomorrow, we could break out tonight.”
Miners gear up for 3 halvings
On Friday, Cointelegraph Markets analyst filbfilb likewise believed that Bitcoin bulls were in a “strong” position under current conditions and that they could take the market closer to $8,000.
As Cointelegraph reported, this month is set to see interesting behavior among Bitcoin miners in particular.
Next week will see block reward halving events on two hard forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV), which will force miner resources towards Bitcoin itself.
Bitcoin’s own halving will occur in around 40 days’ time and will cut miner income per block from 12.5 BTC to 6.25 BTC. According to some, miner participation has already changed due to lower BTC prices in March.