Long-time crypto analyst and trader, Tone Vays, has shared his opinion on what’s likely ahead for Bitcoin. Vays said he predicts that Bitcoin will rise to six figures by next year.
Expecting Six Figures
Tone Vays featured in an interview at Kitco News. The experienced trader said the asset’s next halving cycle is going to result in a bullish run next year.
Furthermore, Vays is of the view that it will be surprising if the king coin does not hit those six figures soon. He specifically puts the timeline within the next few months.
He said he really expects that the market will see a bull run early in the coming year. This is because of the coming halving cycle of Bitcoin.
Vays stated further that the halving might come quite sooner than expected. It is usual for people to underestimate it. They expect it in March or April of 2024 but the hype around it would bring it sooner than expected.
So Vays expected the market to see a full-blown bull run. As a matter of fact, it might be completed ahead of the halving. This is because the bull run might exhaust itself.
So, it would be a suppressing thing if Bitcoin is not close to $100,000 in the coming year. The asset should seriously outperform, he said.
Global Recession Fears
The market’s sentiment is lopsided as it is. Vays said it is likely to see a trend reversal of the market’s downturn.
A lot of people are protracted crypto winter, he said. And it happens that having too many people on a side of the market causes a reversal. As it is, Vays said he sees a lot of pessimism going around in the market.
With regard to macro activities, Vays said digital assets might be of great benefit. They might equally be beneficiaries of safe haven investments. This is an offshoot of fears that traditional investments like bonds might collapse.
Vays also said he strongly believes that the bond market will collapse. There might also be a collapse of the real estate sector, he said. So there might be lots of speculative investments flowing into the crypto space.
A global fear of recession has risen since it appears that the US Federal Reserve will raise rates higher. The last consumer price index released in the country cemented that idea. Other leading central banks across the globe are expected to follow suit.