Renowned trader Tone Vays is confident that Bitcoin will remain above $10,000 until the end of 2020 and considers $50,000 a “reasonable” bull rally target.
Weiss stated that if Bitcoin surpasses $20,000 in the medium term, then the price will double. From his point of view, historical price cycles show that the range from $45,000 to $50,000 can be considered a reasonable target for a bull rally.
During an interview with news and analysis website IGTV, Weiss said:
“Every time Bitcoin breaks its previous all-time high, especially when it takes years to break that record high, it tends to more than double. Therefore, I think that $45-50,000 is a reasonable goal. ”
Weiss compared Bitcoin to gold. He declared:
“We are now watching what is happening with gold. More recently, gold has finally surpassed its all-time high, which was reached ten years ago, and now it has already increased by another $100. Thus, it quickly grew by another 5%. We see gold soaring rapidly since the historic high break – bitcoin can do something similar. ”
According to Weiss, he would be happy if Bitcoin’s next peak were around $45,000. The trader explained:
“Do you really think that there will be an increase to $100,000? I would not make such a statement. Personally, I would be happy if the next peak would correspond to about $45,000, and that can happen quickly. ”
At the end of June, Weiss announced that Bitcoin will not go beyond the $6-10,000 range until 2021.
