In the latest “Trading the Markets” segment, crypto expert and Bitcoin maximalist Tone Vays said that Bitcoin appears to be moving towards $50,000, mentioning the key drivers that will push the digital currency to a bull run and make it see 2.5% of its all-time high as profit during the next bullish market.
The veteran crypto trader, who was also a VP at JP Morgan Chase, said the massive March capitulation, which he had been expecting, signaled that Bitcoin would go as high as $50,000.
The Bitcoin maximalist said the government is already printing money for everybody because they do not want protests.
He said after this, there would be economic upheaval, and the government will go broke due to the shutdown. During this period, Tone Vays said the government would begin to tax people “to death.” The government’s action, according to Tone Vays, will allow Bitcoin to rise to $50,000.
In March, Bitcoin went under $4,000 before rebounding. The price of BTC since then has increased by close to 150%. The green crypto market, Tone Vays say, will give investors the appetite to trade risk-on assets like Bitcoin, gold, or S&P 500.
To Tone Vays, Bitcoin is a very secured asset, and investors are beginning to attest to the characteristic by investing in BTC to circumvent the ravaging economic disaster.
The crypto expert also said in firms’ quest to seek haven; they are now investing in Bitcoin. One example cited by Tone Vays was MicroStrategy’s decision to invest $250 million in Bitcoin; he said it was the best thing for the firm.
In the past, Tone Vays had said Bitcoin needed to have some retracement. Interestingly now, the crypto trader is having a new look at the crypto market.
As Tone Vays and other crypto experts hope to see Bitcoin above its all-time high, Vays believes Bitcoin will reach the said level in 2021; this is opposed to many observers’ opinion that Bitcoin has the potential to reach a very high price before 2020 end.
Meanwhile, Bitcoin has seen a little retracement to $11,300 a few days back, after staying above $12,000 for some days. At the time of filing this report, BTC is trading around $11,650, and there is hope among crypto experts that the digital asset could go higher this week.