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Tone Vays, the well-known BTC derivatives trader, believes the Bitcoin price will stay above $10,000 for the rest of 2020.
At the start of the year, Vays said he was skeptical the BTC price would break $20,000 in 2021 but now he thinks it’s possible for the top cryptocurrency to overtake its record all-time high.
If the price of Bitcoin surpasses $20,000 in the medium-term, Vays said history shows it tends to double.
Based on the historical price cycles, he said the $45,000 to $50,000 range is a reasonable target.
During an interview with IGTV, Vays said:
“Every time Bitcoin breaks a prior all-time high, especially when it takes years to break that all-time high, it tends to usually more than double. So I think $45,000 to $50,000 is a reasonable target.”
Throughout 2020, Vays said Bitcoin would likely stay above $10,000 and gear towards $20,000 the following year.
“In the beginning of the year, I thought that even next year would be a struggle to break $20k. Now I think it’s pretty likely that we’ll break $20k next year.”
As on-chain analysts have said throughout August, the $10,000 area has become a strong support level for Bitcoin.
As long as a key psychological level at $10,000 is intact, an extended uptrend becomes more likely.
Vays also drew a comparison between Bitcoin and gold. He emphasized that gold broke its all-time high and saw a 5% upside past its previous high fairly quickly.
The trader explained that Bitcoin could do something similar over the medium to long-term when it breaks its previous all-time high at $20,000. He stated:
“We are watching what’s happening with gold right now. Gold finally broke its all-time high, that it made ten years ago, just recently, and it went already $100 past that. So it went 5% more fairly quickly. So let’s see how fast gold goes up since breaking all-time high, and Bitcoin can do something similar.”
How far could Bitcoin go?
Various price models predict the price of Bitcoin to reach anywhere between $30,000 to $250,000 in the long-term.
According to Vays, he would be satisfied if the next top of Bitcoin is at around $45,000.
Historically, Bitcoin has seen a major breakout past its previous record high, reach a new peak, then correct.
A rapid upsurge to unsustainable price levels could leave BTC vulnerable to sharp drops. He added:
“Do we think we go as high as $100,000? I’m not willing to make that statement. For me, I would be happy if the next top was around $45,000, and that can happen quickly.”
In other trending Bitcoin News today:
Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K
Bitcoin price recently set a new high for 2020 but has since pulled back to just under $12,000.
However, the cryptocurrency is slightly “ahead of schedule,” according to a top crypto expert and former Google engineer.
Because the asset is further beyond in its cycle “trajectory,” it could mean that there’s still more downside to go before the bull run picks up in steam.
In the end, however, it doesn’t matter, as the same projection brings the cryptocurrency to a peak of over $325,000 in under two years.
According to the crypto expert, if the cryptocurrency was following the last cycle exactly, the price per BTC should be trading around roughly $10,800.
Currently, BTCUSD is trading roughly $1000 higher following a pullback that began after setting a local high at $12,400.
If Bitcoin continues to follow this path, and it has thus far, the next peak would arrive sometime around October 19, 2021.
The target? $325,000.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.