Bitcoin is outshining the major cryptocurrencies since the start of 2020: it traveled upward by 30% from the start of the year. The crossing of $9,000 has activated green light and analysts are coming up with positive trend behavior. For example, Tone Vays, a prominent strategist made a bold prediction that Bitcoin will hit $100k.
He, in the past, did not trace out such high speculations and is known for cautious predictions. But his recent statement surprised many and it seems that he is inspired by the recent BTC move above $9,000.
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BTC has to Break the Past Records But he also poses some conditions that Bitcoin has to make out before burst out in big numbers. The coin needs to beat the highest value of July-$13,900. He stated, further, that BTC has to cross the figure of $20,000 in order to do something bigger-to reach $100,000.
In the words of Vays:
As long as this week can close at above $9,000, I become a bull for February… Am I ready to declare a bull market? No. We have a lower high, we have a higher low, but we need a higher high. I don’t mind buying Bitcoin [above $13,900]. I don’t mind buying Bitcoin here. Maybe I’ll sell my car. Maybe I’ll sell my apartment. I don’t know, I’ll think of something. I have zero problem buying Bitcoin at $20,000. I have no problem doing that because then I’m going to be 99% positive my Bitcoin is going to $100k. But I’m not willing to buy Bitcoin with an expectation that it’s going to fall 50%
Following the Vays’s comment over the BTC’s move, Scott Melker from TexasWest Capital also noticed the rising volume but he said, it is too early to celebrate.
Too early to celebrate, but it certainly appears like price consolidated against the channel resistance and has broken out on strong volume. The downtrend is likely broken. The real party starts above the red line with a higher high. That kills any bearish case.