Bitcoin To See Rally At The End Of 2022

Bitcoin is poised for a rally at the end of 2022. Check out the latest predictions about the price of Bitcoin released by veteran trader Tone Vays.

The popular crypto trader who correctly called the collapse of Bitcoin in 2018 is predicting a decent surge for BTC to the end of the year.

In a new strategy session, Tone Vays said that Bitcoin is trading within a narrow horizontal channel after rallying from its current bear market low around $15,700.

“The fact that this horizontal channel is taking place after a 10% upswing, there is a higher than 50% probability that the next breakout will be to the upside, at least the size of the channel, which is small, potentially the size of the prior bounce, which is 10% more.”

Accoridng to a new post revealed by the online publication the Daily Hodl, Vays is expecting bullish continuation in the short term for Bitcoin.

He explained that the rally would likely push Bitcoin to a major resistance level, which could trigger the next sell-off event.

“That gets us to the underside of the prior channel, which is major and monster resistance, especially if it comes in contact with the 128-day moving average. So I am looking for this bounce to probably continue to year end, and then everyone is going to be super bullish in the beginning of the year, and then there is a high probability of one more capitulation down.”

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $16,946.

BitMEX founder Arthur Hayes is looking at the possibility that Bitcoin may have already printed a bear market bottom. He is also saying that three key players have likely run out of BTC to sell.

As the online publication the Daily Hodl notes, in a new blog post, the crypto veteran identifies three investor groups that were forced to part with their Bitcoin troves this year due to the misuse of leverage: centralized lending and trading firms, Bitcoin miners, and ordinary speculators.