Tone Vays: after breaking $19,600, Bitcoin could rally to $21,000

If Bitcoin breaks the $19,600 level, it could rise to $21,000–$22,000. This was stated by the well-known trader Tone Vays during the online conference ‘Bitcoin 2020: New Horizons’ on ForkLog’s YouTube channel.

Vays initially expected that after a month of steady gains Bitcoin would briefly pull back.

“The daily and weekly charts show healthy upside. But, judging by the monthly chart, I expected that this week we would reverse and move a bit lower,” the trader said.

He said he exited his Bitcoin positions two weeks ago:

“If we don’t pull back, I’ll have to re-enter. I think this will happen around $19,700.”

He noted that the ongoing quarantine due to the coronavirus pandemic, the rising issuance of dollars, and institutional buying of Bitcoin are creating a favourable backdrop for a further bullish rally.

“The pandemic helps Bitcoin, because more money is being printed, more people hate the government, more companies look for ways to hedge risks. Already 30% of people in the world have lost their jobs,” he explained.

But a further deterioration in the economy could change the situation:

“If people have nothing to eat and cannot pay the rent, they will sell Bitcoin. Why own Bitcoin if you cannot leave your home and there are no flights out of your country? Why be rich in a basement?”

Earlier Andrey Velikiy stated that altcoins are good to trade when Bitcoin is flat.

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