Veteran Trader Sees Potential Bitcoin Breakout to $38K But Cautions Outcome Uncertain
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Veteran crypto trader Tone Vays sees a bullish pattern forming for Bitcoin that could lead to a breakout. His target is around 10% above current prices.
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The pattern is forming within a clean channel between $34,858 and $33,701 on the 4-hour chart. A breakout above the channel would be bullish.
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If Bitcoin retraces, Vays believes it may find support around $28,000 - $31,000 where key moving averages sit.
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Bitcoin is currently trading around $34,368.
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Vays cautions that the breakout is not guaranteed and Bitcoin's price could go either way.