Popular crypto trader Tone Vays isn’t convinced Bitcoin (BTC) will continue upwards in the short term despite the crypto asset’s sizeable January gains.
The analyst tells his 123,000 YouTube subscribers that he thinks BTC will face some “major, major resistance” at the $25,000 mark.
“I have been waiting for us to hit $25,000, and it’s going to be a doozy. Once we get close to $25,000, there’s a very high probability of rejection… We do have room on the [momentum reversal indicator], but we’re about to run into a triple-headed resistance monster that is not going to be easy to break.”
The momentum reversal indicator (MRI) is an advanced technical analysis metric predicting trend life cycles based on an asset’s momentum. According to the trader’s chart, the ‘triple-headed resistance monster’ appears to be a combination of Bitcoin’s moving averages on the weekly chart, which are converging around the $25,000 price area.
Vays also says BTC has “gone up a little too far, a little too fast in the last 30 days” and thinks the asset will endure a pullback before it kicks off on an actual bull run.
Bitcoin is trading for $22,880 at time of writing. The top-ranked crypto asset by market cap is down over 3% in the past 24 hours but up more than 38% in the past 30 days.
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